The FHA interest rate continues to trend lower. Mortgage rates plunged through the 5% mark and are sitting at their best levels, in the FHA products, in quite some time.
The much-loved FHA Streamline Refinance program has big changes coming next week. Beginning November 17, FHA Streamline Refinance applicants will need to evidence:
- Income
- Verification of Employment prior to close
- Assets to cover the cash-to-close.
Further, the FHA is limited loan-to-values to 97.75% for homeowners that want to “roll closing costs” into their mortgage.
The current rules for this type of an FHA mortgage refinance are nothing more than:
- FICO scores must be 620 or higher
- The refinance must provide a “tangible benefit”
- No mortgage lates allowed in the last 12 months
Big changes for those that don’t qualify. For those that do, they’re still looking at incredible rates.
Tags: FHA Interest Rate, FHA Loan Rate, FHA Mortgage Refinance