March 29, 2011
In February of 2011, the FHA released clarification to its rules covering FHA Streamline Refinancing Mortgages, designed to be implemented 60 days from the issuance of FHA Mortgagee Letter 2011-11, sent on February 14, 2011.
The FHA clarified rules for the Streamline Refinancing Loan, which previously had language requiring specific, tangible benefits to the borrower such as a reduction in interest rates or monthly mortgage payments. There is still a requirement for FHA Streamline Refinancing Loans to have a specific benefit to the borrower, but the FHA
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.
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