If you have a client who closed on an FHA loan on or before 5/31/2009, HUD is rolling out a new streamlined refinance program effective 6/11/12 that would be very beneficial to your customer. Essentially we can offer the borrower:
· A 30 year fixed rate loan at 3.75% (rates are subject to change each day)
· We will pay all of their closing costs and escrows (nothing is rolled into the loan)
· They will get to skip one months payment
· There will be no appraisal required so loan to value is not an issue
· There is no up front FHA mortgage insurance
· There is no income or asset qualification required
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