If you have a client who closed on an FHA loan on or before 5/31/2009, HUD is rolling out a new streamlined refinance program effective 6/11/12 that would be very beneficial to your customer.  Essentially we can offer the borrower:

·        A 30 year fixed rate loan at 3.75% (rates are subject to change each day)

·        We will pay all of their closing costs and escrows (nothing is rolled into the loan)

·        They will get to skip one months payment

·        There will be no appraisal required so loan to value is not an issue

·        There is no up front FHA mortgage insurance

·        There is no income or asset qualification required