FHA loan programs ordinarily require an Up-Front Mortgage Insurance Premium (UFMIP) collected at closing plus an Annual Mortgage Insurance Premium (MIP) billed with each mortgage payment. The mortgage insurance premium is based upon the date on which the FHA Case Number is issued and remains until a loan balance falls below a specific amount. FHA loan holders looking to refinance may be able to obtain a reduced mortgage insurance rate. The following is information on FHA streamline refinance for MA mortgages effective June 2012.
Case Numbers Endorsed Prior to May 31, 2009
Starting June 11, 2012, if you hold an FHA loan with a case number obtained on or prior to May 31, 2009, you may be eligible for a lower up-front mortgage insurance premium of 0.01% and an annual MIP of 0.55% when you refinance. This is based on a 30-year mortgage and is not dependent on the base loan amount. FHA insurance rates have altered over time and your current premium depends on when your individual case number was pulled, the loan terms, and the amount of the loan. This new percentage is lower for most homeowners who received a loan during that time and will lead to a reduced monthly payment.
Additional Information on FHA Streamline Refinaning
FHA allows borrowers to refinance with a streamline process which requires no home appraisal or income verification. It is essential that you have a good payment track record, that you are up to date on all payments, and have a minimally acceptable credit score. You can take advantage of lower interest and mortgage insurance rates without being restricted by home market values. At this time I can offer a 3.75% 30 Year Fixed with NO CLOSING COSTS on a FHA STREAMLINE REFINANCE. FHA Streamline Refinance For MA Mortgages Effective June 2012
The FHA streamline refinance for MA mortgages effective June 2012 is a huge benefit for home buyers who received a loan during the specified timeframe and will result in significant savings. Contact Christopher Graves at 781-759-1200 x22 or christopher.d.graves@gmail.com for {more FHA streamline refinance details or to refinance your loan. DISCLAIMER: All details contained in this blog are based on official documents and facts available at the time this article was prepared. This is subject to change without notice. Always speak with a mortgage professional for accurate information on mortgage programs.