FHA STREAMLINES WITH NO INCOME OR CREDIT

RATES REMAIN THE SAME:       The bond market finished last week 6 points down – not a huge difference, rates have basically stayed the same.  30 year fixed rates are still at 4.75%.  I still feel the best loan on the market is a 15 year fixed at 4.25% with 0 costs – availabe for most customers. 

FHA STEAMLINES WITH NO INCOME OR CREDIT – Borrowers can now qualify for an FHA streamline (lowering rate with no appraisal), without proving income – but you must prove you have a job for 12 months.  Also, no credit requirements will be looked at besides the mortgage history – a customer must not have had a mortgage late in the past 12 months. 

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