Many people who are curently in an FHA loan may not be able to streamline becuase their loan is above current FHA loan limits. In 2009, FHA reduced the loan limits in certain areas across the country and as a result, many homeowners who have FHA loans that are above the 2009 FHA loan limit are not able to participate in the FHA Streamline program.
Will this problem get fixed? We think so. When changes happen to the FHA streamline program, FHA issues official announcements – and this situation is happening often enough that we are expecting FHA to issue an official announcement that will allow these homeowners to qualify for the FHA streamline program.
But as of today, there aren’t lenders who are doing these loans becuase they are currently not insurable by FHA.
So if your current loan is above the FHA loan limit in your county and you want to to participate in the FHA streamline program – hang tight. You have to wait until FHA issues an official announcement that gives clear approval and direction.
And as always, if you have questions about the FHA streamline program you can always contact the FHA streamline experts!