FHA Streamline Refinance

Upside down? Underwater? No problem!

UPDATED February 20, 2014 : FHA Streamline rates are SUPER LOW these days!  So, regardless of whether your loan was originated prior to May 2009 or not, you may still save tons of money!

 Who is eligible for the new Florida FHA Streamline Refinance loan?

  • You must be current on your existing FHA Mortgage
  • Your current FHA mortgage 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 fill out the LIVE RATE QUOTE form on the right to see if YOU qualify for the Florida FHA Streamline Refinance:

 So what makes the FHA Streamline Refinance different?

The FHA Streamline Refinance allows homeowners to not only refinance their FHA loans into today’s rates, but do so without increasing your mortgage insurance premiums!  You see, since you originally received your FHA loan, the required mortgage insurance rates have more than doubled.  Under normal circumstances, in a typical FHA refinance loan, you may save a few hundred dollars a month by lowering your interest rate.  The problem is that your mortgage insurance rate will probably double and wipe out any of your savings, leaving you in a situation where you’re stuck in your high payments.  But not with the FHA Streamline Refinance!  You’re rate is lowered and your mortgage insurance rate stays the same, thereby maximizing the savings you’ll experience every month.

The below chart illustrates the changes in the required FHA Mortgage Insurance rates and how they have been drastically reduced specifically for this program!

CASE NUMBERS ISSUED BEGINNING APRIL 18, 2011 UP TO APRIL 8, 2012

All Loans – Purchase, Refinances, All Streamline Refinance

Term Base Mortgage LTV Annual MIP Upfront MIP
Greater than 15 Years All loan amounts 0 to 95.00% 1.10% 1.00%
95.01%+ 1.15% 1.00%
15 years or less All loan amounts 0 to 78.00% 0.00% 1.00%
78.00 to 90.00% 0.25% 1.00%
90.01%+ 0.50% 1.00%

CASE NUMBERS ISSUED BEGINNING APRIL 9, 2012 UP TO JUNE 10, 2012

All Loans – Purchase, Refinances, All Streamline Refinance

Term Base Mortgage LTV Annual MIP Upfront MIP
Greater than 15 Years All loan amounts 0 to 95.00% 1.20% 1.75%
95.01%+ 1.25% 1.75%
15 years or less All loan amounts 0 to 78.00% 0.00% 1.75%
78.00 to 90.00% 0.35% 1.75%
90.01%+ 0.60% 1.75%

*CURRENT* CASE NUMBERS ISSUED ON AND AFTER JUNE 11, 2012

Term Base Mortgage LTV Type of Loan Annual MIP Upfront MIP
Greater than 15 Years $0 to $625,500 0 to 95.00% Purchase, Rate Term, Cash Out and Streamlines endorsed on and after 6/1/09 1.20% 1.75%
95.01%+ Purchase, Rate Term, Cash Out and Streamlines endorsed on and after 6/1/09 1.25% 1.75%
All LTV Streamline Endorsed on or before 5/31/2009 .55% 0.01%
$625,501+ 0 to 95.00% Purchase, Rate Term, Cash Out and Streamlines endorsed on and after 6/1/09 1.45% 1.75%
95.01%+ Purchase, Rate Term, Cash Out and Streamlines endorsed on and after 6/1/09 1.50% 1.75%
All LTV Streamline Endorsed on or before 5/31/2009 .55% 0.01%
15 Years or less $0 to $625,500 0 to 78.00% Purchase, Rate Term, Cash Out and Streamlines endorsed on and after 6/1/09 0% 1.75%
78.01 to 90.00% Purchase, Rate Term, Cash Out and Streamlines endorsed on and after 6/1/09 .35% 1.75%
90.01%+ Purchase, Rate Term, Cash Out and Streamlines endorsed on and after 6/1/09 .60% 1.75%
All LTV Streamline Endorsed on or before 5/31/2009 .55% 0.01%
$625,501+ 0 to 78.00% Purchase, Rate Term, Cash Out and Streamlines endorsed on and after 6/1/09 0% 1.75%
78.01% to 90.00% Purchase, Rate Term, Cash Out and Streamlines endorsed on and after 6/1/09 .60% 1.75%
90.01%+ Purchase, Rate Term, Cash Out and Streamlines endorsed on and after 6/1/09 .85% 1.75%
All LTV Streamline Endorsed on or before 5/31/2009 .55% 0.01%

UPDATE : There has been another increase!  Check here for details.