For Dallas Fort Worth homeowners that purchased a home using a FHA mortgage, refinancing via the FHA Streamline Refinance program is about to get much less expensive. FHA wants more homeowner’s to be able to refinance to a lower FHA Mortgage Payment. Because of this, they are putting in a new “tier” for FHA MI (mortgage insurance) for refinancing your FHA loan!
***Beginning June 11, 2012, the FHA implements a new policy for its mortgage insurance rates that will allow homeowners that haven’t been able to take advantage of lower interest rates to finally be able to refinance to a lower rate.***
FHA will lower its Upfront Mortgage Insurance Premium (UFMIP what we refer to as the FHA MI premium) for certain FHA Borrowers with a DROP to just .01 percent.
IF YOU WANT TO REFINANCE A FHA LOAN – THIS IS HUGE! I’ve had trouble in recent months making a FHA Streamline make sense for some homeowners because of the RISING cost of FHA MI. With this recent slash to only 0.01% – Many more people will save THOUSANDS of dollars using the 2012 FHA Streamline Refinance Program!
If you want to know if you might qualify for this new program remember these few rules:
- You must be current on your existing FHA Mortgage (USDA, VA and Conventional loans do not qualify)
- Your current FHA mortgage must have been endorsed prior to May 31, 2009
- Additionally, FHA says that to qualify:
- Employment verification is required with our FHA Streamline Refinance
- Income verification is not required with an FHA Streamline Refinance
- A new appraisal is not required with an FHA Streamline Refinance
FHA changed its guidelines so that VERY little is required to qualify, however – many lenders cannot offer this program the way FHA intended for it to work – WE DO!
MONTHLY Insurance for the FHA 2012 Streamline Refinance Program:
For the “2012″ Streamline FHA Program, FHA will also charge an annual premium of .55 percent (which you divide by 12). This is NOT significant for those with mortgages taken out prior to May of 2009, as your current monthly mortgage insurance for FHA is .55 percent.
(there are some additional guidelines that also apply).
If your FHA loan was endorsed by FHA after May 31, 2009, we have other refinance options for you.
Don’t Wait Until June 11. Start Today. The FHA’s new mortgage insurance premiums go into effect June 11, 2012. However, you don’t need to wait until June 11 to get your loan application started. You can start your loan application today, and lock your mortgage rate, too.
You’ll be among the first in the country to use the FHA’s new, lower MIP schedule. And you’ll get today’s great rates. Get started with a rate quote and see what lower MIP can do for you. Call Josh Campbell at 972-904-3694 or email firstname.lastname@example.org today to get started.