New FHA Refinance Changes..HUGE!

Florida FHA Refinance | FHA Streamline Refinance

What are the new FHA changes?

In a nutshell, FHA refinance loans just got a whole lot cheaper thanks to the White House deciding today that it was going to cut mortgage insurance premiums on all streamlined FHA refinances for loans taken out before June 1, 2009.  What does this mean?

The streamline refinance program allows FHA borrowers to obtain new FHA-backed loans without going through some of the more stringent guidelines that make loan approvals more difficult.

FHA will lower the costs on up-front mortgage insurance premiums to 0.01 percent for streamlined refinancings of FHA loans.

FHA will also cut the annual fee down to .55 percent, down a significant amount from the typical 1 percent plus that is currently charged.

How can I see if I am eligible?

Please remember, you are only eligible for the streamline refinance program if you originally took out your FHA loan prior to June 1, 2009.

THIS IS HUGE!  A great move towards making a real difference in the housing industry.  There are so many homeowners that were unable to refinance their FHA loans due to the increased insurance premiums and now they can get the help they so desperately need.

If you or anyone you know has an FHA loan and could benefit from an FHA refinance, please forward them this article.  I can’t recall the last time any of my friends saved my thousands of dollars, I’m sure they’ll appreciate it!

About the Author

Jason Gonzalez

Jason is a lifelong student of the mortgage industry that prides himself on his innovative ability to consistently find the best deals for his clients. With well over a decade of industry knowledge and experience, you can trust that he will help guide you in the right direction for your home financing needs. What separates Jason from everyone else is the fact that he cares so much about the people he helps, driving him to go above and beyond to make the dream of homeownership possible for all.