March 24, 2011
In February 2011, the FHA released modifications and clarification for a number of policies related to FHA refinancing loans including FHA Streamline Refinance and Cash-Out Refinancing loans. Some of the changes were scheduled to take effect 60 days after the release of FHA Mortgagee Letter 2011-11, while others are listed as “effective immediately.”
For example, effective immediately the FHA requirements for Streamline Refinancing were clarified to include instructions to the FHA loan officer regarding how long a borrower must wait from the time an FHA insured mortgage is issued and the application date for Streamline Refinancing.
FHA Streamline loans, where no money is paid directly to the borrower, require at least six full months since the first payment due date on the original mortgage.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
Browse by Date: