If you are thinking of refinancing, this is great information to help you know if you qualify. Government programs, rules and regulations are changing constantly so you will always want to contact your lender. If there is anything we can do, don’t hesitate to contact us.

NO B.S. Real Estate Coach

Check the fine print on FHA refinancings

By Kenneth R. Harney, Published: March 16

The Obama administration’s new plan to stimulate refinancings of Federal Housing Administration mortgages is likely to help large numbers of homeowners cut their monthly costs — even those who are deeply underwater. But it’s also likely to be a disappointment to many borrowers who aren’t aware of the program’s fine print and end up missing an opportunity to switch into a loan with a rate below 4 percent.

To cut through the bureaucratic details, here’s a quick overview of the so-called “streamline refi” program and what it will take for you to qualify.

First, the baseline criteria: Your current home loan must be FHA-insured and must have been put on the agency’s books no later than May 31, 2009. If you have a mortgage owned or backed by Fannie Mae, Freddie Mac, the Department of Veterans…

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