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FHA Streamline

Here is the word on FHA Streamline

Lets start by telling why FHA Streamline exists.
The Country is in the tank.
The Government knows that we, as a country, are up the creek.

Soooo in true government fashion they(the government) have decided to refinance loans that don’t make any sense with the people’s money for the good of the people.

These government guys are wicked smart!!!

Why you ask?
How dare you ask that question of the all powerful government.
Anyway... Here it is-
Important date... JUNE 1st 2009, If your loan was done prior to this date then you inherit the current UFMIP and MI.

In the law of large numbers there are a certain number of homes that will foreclose when they go underwater(cause people cannot afford the payments).
A certain number that will not (because the people have means to keep making the payments and the desire/obligation).

Then there are the strategic defaults.
That is when the homeowner could probably keep making payments but logically it does not make sense, So as a strategy... they default.
They take 3 years of bad credit and then the start fresh.

Well our great government figured that if they allowed a refinance with a low enough monthly payment, that it is, many times, cheaper to stay put, than go rent.

So, because the government owns most of the loans in America via FHA, Fannie Mae and Freddie Mac the government says ...

Heck if we own it then we will refinance it! and guarantee it all over again.
Underwater ... Government does not care.
Low credit score... Government does not care.
Low income... Whoaaa buddy!!!
NO income"ee" No Loan"ee"

Cumonnnn you did not think they were that dumb did you?

Sooo the government controls, to a degree, the rate of foreclosures by the rigidity of the underwriting for the FHA Streamline loans.

What the home owner hears is...

Cheaper payment not cost no fees!!!

They say "I’ll take it" and re assert their desire to live in their current home.

The government actually developed software for the underwriting guidelines called "DU" "Desktop Underwriting" for Fannie Mae and
"LP" "Loan Prospector" for Freddie Mac, "DU" is used for FHA.

...and guess who controls the algorithm?

You get 3 guesses...

1 BofA ......WRONG!!!
2 Lady Gaga.....WRONG!!!
3 Uncle Sam.....WINNER!!!!!

So the government controls the amount of defaults by tightening and loosening the lending criteria.

The long and the short of the situation is that many times it is wise to take advantage of lower interest rates from a purely selfish position.

Call me I will run numbers for you and tell you if it is smart for you.

Contact me at: 1-323-717-1144.

 

Lee Duran the finance man
NMLS #944254

Other Facts that you might be interested in if you are going to check me out to see if I am one of those "evil finance guys".

I got my securities license in 1992 CRD# 2447141
(crd non-active)
Insurance Health/Life License #OD94317 03/26/2003
(active and in good standing)
Insurance Property/Casualty License #OD94317 04/27/2006
(active and in good standing)
Real Estate License #01505735 06/13/05
(active and in good standing)
Notary Public License #15661305 03/02/01
(active and in good standing)
NMLS License #944254 2012 and of course
(active and in good standing)
There!!! now you can tell your Wife/Husband that you checked me out and you think you will go with this Lee Duran loan guy that calls himself "Lee Duran the Finance man".
See, ... I already saved you some grief-
call me.

Contact me at: 1-323-717-1144.

Refinance or Purchase Loan

 

Fannie Mae/Freddie Mac

"I did not want to know the entire loan business just wanted a loan officer I could trust, Thank you Lee"

- Amy
  La Mesa, CA

"I got the Rate I wanted and it was fast."

- Isodora
  Temecula, CA

"VA, FHA, Freddie Mac, Fannie Mae... whatever!!! Just get me the best rate and no fees... thanks Lee."

- Jason
  Costa Mesa, CA

"I just want to know that I am in the best postion I can be. I have been dealing with Lee for years on my finances and it only seemed natural that I refinance with Lee Duran"

- John
  Los Angeles, CA

"Lee will give you an honest and fair deal."

- Mr Loftus
  Apple Valley, CA

 

 

“These  testimonials do not reflect all borrowers and your experience may vary”