September 18, 2009
HUD’s issuance of Mortgagee Letter 2009-32, Revised Streamline Refinance Transactions today may have effectively put an end to a popular program for FHA borrowers – the “No-Cost” FHA Streamline Refinance.
For years, millions of home owners with FHA loans have taken advantage of the opportunity to refinance their mortgage to a lower interest rate without having [...]
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September 18, 2009
FHA issued MORTGAGEE LETTER 2009-32 today announcing revised procedures for streamline refinance transactions. The changes are effective in 60 days from the date of the mortgagee letter (September 18, 2009).
Aside from the reaffirmation of existing procedures streamline refinance transactions, the following key revisions were announced:
Seasoning
Payment history
Net tangible benefit for the borrower
Maximum Combined Loan-to-Value
New Maximum Mortgage [...]
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