California FHA Streamline loans will have dramatic new rules. Effective with case numbers assigned on and after November 17, 2009, several revisions to the FHA Streamline Refinance Program will go into effect. For those that may think doing FHA home loans in Los Angeles , Orange and Ventura Counties is easy, read below! Seasoning  -At the time of loan application, the borrower must have made at least 6 consecutive payments on the loan being refinanced. Payment History  -For mortgages with less than a 12-month payment history, all payments must have been made within the month due. -For mortgages with a 12 month or greater payment history, the borrower must have:                 -No more than one 30-day late payment in the preceding 12 months, AND               -Made all payments within the month due for the 3 months prior to the date of the loan application. Tangible Net Benefit  -Reduction in the total mortgage payment (PITI and HOA) of at least 5% for fixed to fixed. Fixed to 1-year ARM allowed, provided rate is at least 2% below rate on existing loan.
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New California FHA Streamline Rules
Wed, Oct 14, 2009
Credit, Home Loans, Loans, Mortgages