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Maryland Reports High Incomes, FHA Streamline Refinance Still Available

By: Lisa Burden | October 12th, 2012

Although Maryland had the highest median income of all states with a median income above $70,000 in 2011, according to data available from the U.S. Census Bureau, the FHA Streamline Refinance program – long a staple of blue-collar and middle class households — continues to be popular with residents of the Free State.

The Federal Housing Administration (FHA) has estimated that the average qualified FHA-insured borrower will save approximately $3,000 a year or $250 per month.

The FHA Streamline Refinance program drastically eliminates the amount of paperwork that has to be provided to the lender. The program’s requirements are minimal. A borrower does not have to demonstrate employment under an FHA Streamline Refinance. Income verification is not required and the borrower’s credit score is not checked. An appraisal is not required. However, lender requirements may vary.

But, borrowers must be current on their existing FHA mortgage – no late payments for one year — and the refinance must show a legitimate reason for refinancing, i.e., “net tangible benefit.” One example of a net tangible benefit is refinancing from an adjusting ARM into a fixed rate loan and, of course, there’s always the benefit in lowering monthly mortgage payments by obtaining one of the super low interest rates available today. The streamline refinance does not allow for cash out.

Borrowers are finding that obtaining a refinance through online resources is convenient. The online form is available for this purpose. Besides being convenient, it is fast as a response is returned almost immediately and added security is provided because a social number is not needed.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at about a 1 point origination fee.


Latest HARP Mortgage News April 24th, 2014