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Streamline FHA Loand

In a streamline FHA refinace loan do i need to pay a 5 month insurance and county taxes to the lender. by mario._239_689 from Santa Clarita, California. May 24th 2012 Reply


Jonathan Rhode (jrhode)
#184 ranked lender in California - 130 contributions

For an FHA streamline you will need to bring in the lenders requirements to set up the new impound account. This will be based on the tax calender as well as the current status of your homeowners insurance policy. The rest of the fees associated with this loan should be covered in a lender credit. If you would like to discuss your options with this product please feel free to contact me at 877-401-1389xt 103 or email me at jrhode@cstonemortgage.com

May 24th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

FHA loans do require impounds.. No way around it.. And the Federal Government has some pretty strict rules on how much the lender can require you to put into this escrow account.. But it's based on when your taxes are due and when your home owners policy renews.. So in your scenario, 5 months does not sound unreasonable at all.. keep in mind that you have an impound account now with your current lender, and whatever is in that account will be refunded to you within 30 days of closing on your new loan. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

May 24th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

YOU WILL be setting up a new impound account. How long have you had this loan?? On a streamline, we can use the mortgage insurance balance also as a credit for you , if your loan is less than 3 yrs.. You get back what your escrows are in your loan, after you close on the new loan, usually within a month, and your new escrow acct for your new loan will reflect when your taxes and insurance are due.. linda email me at yourloanpartnerforlife.@live.com i can do California linda 602-330-1598

May 24th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,894 contributions

Yes. Because impounds are required for all FHA loans, you will be required to contribute enough funds to satisfy what is required. The exact amount will be calculated based on when property taxes and Insurance premiums are due. Any funds held by your current lender will be refunded to you after they are paid in full. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

May 24th 2012
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Robert Le (robert_le)
#621 ranked lender in California - 36 contributions

If docs come out in May then 5 months, if june then 6 months, if july then 7 months. It is a good time to do Streamline FHA now, the new guideline have reduce the upfront MI from 1.75% to only 0.01% and the MI from 1.25% to 0.55%. I can help you now with the Streamline FHA. There is no fee to submit in an application. Email me at robert.le@greenvillemortgage.net or call me at 714-943-6499

May 24th 2012
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Jeff Hutchison (jhutchison)
#14 ranked lender in Iowa - 40 contributions

yes. you will need to set up an escrow account on the new loan for property taxes and home owner's insurance. You will however get a refund from the current lender for the amount in your escrow account. I am an expert on fha streamline refinancing and my 30 year fixed rate is 3.5% with 0 fees dependant on loan amount and credit score. Check out my blog on this site regarding FHA streamline refinance loans and FHA streamline refinance rates. thanks.

May 26th 2012
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