It's June, Mid-June to be precise. Many of you have kids that are getting out of some kind of school for summer holiday (my boy is just excited to play in yard so late at night). I don't too many of us that can take a break right now. Even though you know you need one.
We're dealing with 2008. I mean really dealing with it.
Rates have been up. Refinances are drying up because of values and because of products. But you're out there: working, prospecting, calling (my old boss used to call this grinding). Either way you're finding new ways to do business with old products and FHA is definitely helping even if it is just a little bit.
This market is decidedly in the hands of the buyers we work with and luckily it's buyers. Refinances can be such a pain...rate this, fee that, timing this, my pending trip out of town right at signing that...you know what I'm talking about.
Buyers: they're motivated to get their new home. They want to move in and have a place to own that they can call their own. These are the best loans in the world to fund for all of us. Even when rates are high. Especially when rates are high?
Wha?? Higher rates are good for us? My borrower's are having enough of a time to qualify.
You know what? It's okay. Your borrower buys a little smaller/lower priced home that they can better afford in this environment. They don't get slammed when something unplanned happens. It's not the end of the world.
Two big benefits for us as originators:
1. You can dictate to your borrower & Realtor what
    does and doesn't work: you Truly become the trusted
    advisor (I have one partner that gets all applicants  
    from her partner first as a pre-screen AND THEN they
    go to the realtor with the reality of available financing.
    That's an awesome flip of the scrip from years past,
    no?)
2. STREAMLINE Refinances should rates fall!

What's an FHA Streamline Refinance?
Here's the deal: They must lower the borrower's monthly P&I payment with no cash back to the borrower.
There's no credit report, Just a 12 month mortgage rating *any and all mortgages* for the last 12 months with no mortgage lates. No income documentation either.
 You have two options:
1. With NO APPRAISAL
  a. You can't exceed the original amount borrowed
     including the UFMIP + the new UFMIP
     or
  b. You can add up the 1st lien, closing costs, discount
     points & prepaid expenses to establish and escrow
     account then subtract any UFMIP refund (schedule on
     my site)
2. With an Appraisal  - You'll be limited to the 97.15 rule
    which in declining markets would be bad.

Either way, FHA does in fact allow for some options post closing. If rates come back down and your borrower has a 12 month consistent mortgage history you've got yourself another loan and they think you're just the best for saving them even more money!
Plus you get yet another opportunity to make your customers yours for life.