FHA Streamline Refinance : New and Improved
UPDATE | June 2012 : This amazing FHA program is now open and available!!!
THIS ARTICLE CONTAINS CORRECT AND UPDATED INFORMATION AS OF October 17, 2012
Refinancing your FHA mortgage just cheaper!
For all Streamline Refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MIP will be 55 bps. This is a HUGE decrease from current rates!
For all Streamline Refinance transactions that are refinancing existing FHA loans that were endorsed on or before May 31, 2009, the Up-Front MIP will decrease from 1 percent to 0.01 percent of the loan amount. Another HUGE reduction!
|More information on FHA Mortgage Insurance Changes
OK, what does all this REALLY mean?
Well, in simplest terms…Before these changes, someone looking to refinance their FHA loan would’ve had to pay nearly double the mortgage insurance they currently pay on their loan! So, even if you save a few hundred dollars a month by lowering your rate, you give all of the savings right back when your mortgage insurance jumps up. Not anymore! Now, as long as you’ve paid on time and had your FHA loan before May 2009, you can get a super low rate without having an increase in your mortgage insurance! What does this mean? More savings for you and your family!! How much? Find out here: FHA Fast Rate Quote Request
So, just to recap, you can be upside-down (see: owe more than your home is worth!), and make little to no income and still qualify for this awesome program! Rates are in the 3′s right now on a 30 year fixed loan!
|More information on New Upside Down Refinance Programs
How much of an impact will these changes make?
“ Currently, 3.4 million households with loans endorsed on or before May 31, 2009, pay more than a five percent annual interest rate on their FHA-insured mortgages. By refinancing through this streamlined process, it’s estimated that the average qualified FHA-insured borrower will save approximately $3,000 a year or $250 per month. FHA’s new discounted prices assume no greater risk to its Mutual Mortgage Insurance (MMI) Fund and will allow many of these borrowers to refinance into a lower cost FHA-insured mortgage without requiring additional underwriting. FHA-insured homeowners should contact their existing lender to determine their eligibility.“
Who is eligible for the new FHA Streamline Refinance loan?
THESE ARE THE CURRENT GUIDELINES VERIFIED AS OF JULY 21, 2012
- You must be current on your existing FHA Mortgage
- Your loan must have been endorsed prior to May 31, 2009
- Employment and income not required! (in most cases)
- No appraisal needed! (in most cases)
How can I apply for this new FHA Streamline Refinance program?
Act now! Don’t wait until the banks are flooded with applications (this happens every time a new program such as this is released); take the initiative and click here to see if YOU qualify OR fill our the EASY rate quote request form below ( No SS# required!):