Conventional “Streamline” update!
Good morning,
I want to pass along some great news. We mentioned this in an email a while back and finally it seems to be taking shape. I am talking about the Conventional version of the FHA streamline refinance. I received an email notice late last night from DU (Underwriting software) announcing that their program has been updated to support and underwrite these new refinances (they are calling it a Refinance Plus). Might be a good piece of news to pass on to your database once the final details emerge.
Who will this help? This is for folks trying to take advantage of the low interest rate environment we are in that may have value issues that currently have a FNMA loan (Freddie will likely follow). If you recall, the FHA streamline refinance does not require an appraisal, nor does it require that the client qualify based on income or assets. It is primarily based on having a solid payment history. The Refinance Plus (the Conventional Version) is supposed to mirror that program closely. Word on the street is it should be up and running very shortly (in days). I’ll be sure to get the news out to you as soon as I get it.
Quick market update – Positive news continues to pour out relating to the “recovery” of the economy. One expert quoted just this morning that he feels we will out of the woods in as little as four months. Interest rates are recovering some of the losses we saw late last week as we expected. Thank you Fed and thank you Treasury. They are really trying to peg rates at or just below 5% with their MBS purchase program and so far so good.
Please let me know if you have any questions, or if we can help you with anything.
Your Trusted Advisor, Jeremy House, C.M.P.S.
