FHA Streamline Refinance Program is now cheaper for many Homeowners - 06/04/12 04:37 AM
 
HUD has announced a change to the FHA Streamline program that will make refinancing an FHA Mortgage in Pennsylvania and the rest of the country much cheaper for many homeowners.  Essentially, HUD is drastically reducing the amount of Mortgage Insurance required for qualified FHA Streamline Refinances.  FHA has always had two types of mortgage insurance on each new FHA transaction.  These two types of insurance include an Upfront Mortgage Insurance Premium (UFMIP) that is collected at closing and is typically financed into the new loan amount.  The current UFMIP level is 1.75%.  HUD has announced that they are reducing this … (1 comments)