Streamline FHA to FHA Refinance
Effective with case numbers starting June 11th, 2012 the FHA Single Family Refinance just got better! Now, clients who want to take advantage of today’s low rates without the burden of higher monthly mortgage insurance can streamline their current FHA mortgage into a new FHA mortgage.
Your existing FHA loan MUST have been endorsed on or before May 31st, 2009 in order to be eligible for this program. Basically, if you closed after May 31st, 2009 your loan does not qualify… if you closed near May 31st, 2009 it depends when your case number was endorsed by FHA, much earlier than this date and there is a good chance you are eligible. Simply give us a call or send us an email and we can check to see if your current FHA loan is a candidate for this streamline refinance.
Some highlights of the FHA Streamline Refinance:
- The Annual MIP will be 55 bps, regardless of the base loan amount. This is much lower than today’s Annual MIP for 30 year loans!
- The Up-Front MI (UFMIP) will decrease from 1 percent to 0.01 percent of the base loan amount.
If you are currently in an FHA mortgage that closed before May 31st, 2009, it may be worth looking into a refinance. This could dramatically lower your rate and save you on your monthly mortgage payments. Please contact us at 518-655-LOAN (518-655-5626) or email us at Blog@mapletreefunding.com.
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