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FHA Streamline Refinance?
Old 07-16-2012, 09:17 PM   #1
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studbucket's Avatar
Join Date: Mar 2011
Location: Kirkland
Posts: 139
FHA Streamline Refinance?

For 1-2 years now I've been receiving scam-looking letters in the mail, telling me I'm qualified to re-fi for a much lower rate. I've pretty much always tossed them away, but today I decided to look more into what's going on.

I'm obviously not going to use one of those "scam" lenders, but it would appear I do qualify for an FHA Streamline Mortgage, and there's more info here: HUD Streamline Your FHA Mortgage

I ask because we are about $25,000 "underwater" on our property. The market was low when we bought, but it's gotten lower. We also have a rate of 4.875%, but I'm seeing rates around 3.5%, which would be awesome to get.

So I want to know:
  • Do I qualify?
  • What are the catches here?
  • Can you tell me more?
Aiming to retire at or before 2031 at age 45.

Status: Saving. Started in Oct 2011, I am ~9 months ahead of where I expected to be and about ~3 months ahead of my desired schedule.
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