Friday, June 29, 2012

FHA Streamline Refinance

http://www.phillyfinance.com


The FHA has recently opened up a new program that has made it easier for millions of Homeowners to refinance their mortgages at lower interest rates, even if they owe more than their homes are worth.

The eligible borrowers for this streamline refinance program, must have closed on their FHA loans before June 1, 2009.

The changes to the government's streamlined refinancing program could help the typical FHA borrower find "Significant Monthly Savings", according to the administration.


FHA Streamline Refinance MIP  changes are as follows:(highlighted)



April 9, 2012 – All FHA Loans



·        The Annual MIP on all FHA loans will increase by 0.10% to 1.20% or 1.25% based on LTV.  That’s about $15 per month on the typical FHA loan.

·        The Up Front MIP (UFMIP) will increase from 1.00% to 1.75%.  That’s about $1,387 more on the typical $185,000 FHA loan.  It can still be rolled into the loan amount.

·        FHA 15Y Loans with an LTV < 78% will still be exempt from the Annual MIP



June 11, 2012 – Loans over $625,500



·        The Annual MIP on FHA loans over $625,500 will increase an additional .25% (total of 0.35% higher than today)



June 11, 2012- FHA STREAMLINES



·        If the FHA loan you’re paying off was INSURED by FHA prior to June 1, 2009:

§  UFMIP is 0.01%  ßDarn near FREE!

§  Annual MIP is 0.55%

·        If the FHA loan you’re paying off was INSURED by FHA June 1, 2009 or after:

§  UFMIP will be 1.75%

§  Loans up to $625,500: Annual MIP will be either 1.20% or 1.25% based on LTV

§  Loans over $625,500: Annual MIP will be either 1.45% or 1.50% based on LTV



All of these changes are effective based on when the FHA Case Number is assigned to the loan.

http://www.phillyfinance.com

2 comments:

  1. Very good post regarding FHA Streamline. You have mentioned the complete process in a step wise and function of that step. Your post really helps so many borrowers who are looking to go for refinancing a home mortgage.

    FHA Streamline

    ReplyDelete
  2. Purchase new home or renovate your old one with 203k loan.
    From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k processing.
    This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.

    ReplyDelete