Question by gabyrig: Refinancing MassHousing/FHA Mortgage?
I think it’s very annoying that people who do things right get ripped off and people who don’t rip the benefits. I don’t know the specifics of this new “bail out” plan but I think that I should get some benefit.
I bought my condo in September in Boston and financed with MassHousing (they give out FHA mortgages).
Purchased Price: $ 201,000
Net Financed amount: $ 190,950
Appraised: $ 205,000
Assessed: $ 237,300
A month after I got my rate, their interest rate fell. The broker told me that (even though my rate wasn’t locked), I had to keep the 6.5% rate. I ended up having to go with their rate. Five months later, their rate is 5.1% and I wrote to them asking for an interest change but they tell me that I am not in “hardship” so they can’t do anything.
I think this is bull! The people out there who made poor decision are in hardship but if I’m trying to save $ 200/month I’m not. That’s 2 months of mortgage a year!
Anyway… any chance that I can refinance this new mortgage with someone else that will give me a lower rate? How do I go about it and when can I do that?
Answer by golferwhoworks
yes that is bull as you can streamline an fha note at any time but less than 1 year pay history has some additional hoops you must jump through
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