Saturday, March 16, 2013

FHA Streamline Refinance with poor credit (specifically no ... - Zillow

I purchased my home in summer 2007 with an FHA loan thru Wells Fargo. ?Fell behind on everything in 08-09 due to wife losing her job. ?They modified my loan in 2010 and I haven't been late on anything since, but my credit is still horrible from all the lates and charge offs. ?I understand it is possible to do a streamline refinance with no credit check if you haven't been late in the past 12 months. ?I called my lender today and they said I qualify for a refinance with no credit check, but the rate seems rather high.

Current loan: 162,000 @ 5.25% (30 yr)
Property Value: 165,000

They offered a refi @ 4.25% with me paying about $1500 in title/origination fees. ?Is that a great deal, or can I do much better?

Source: http://www.zillow.com/advice-thread/FHA-Streamline-Refinance-with-poor-credit-specifically-no-credit-check/483028/

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