FHA’s Streamline Refinance Program could benefit millions of borrowers whose mortgages are currently insured by FHA.

 

Cecelia Marlow a respected Loan Officer shares news beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers.

 

Qualifications:

1.        Borrowers must be current on their existing FHA insured mortgage.

2.        Mortgage must have been endorsed on or before May 31, 2009.

Currently, 3.4 million households with loans endorsed on or before May 31, 2009, pay more than a five percent annual interest rate on their FHA-insured mortgages. By refinancing through this streamlined process, it’s estimated that the average qualified FHA-insured borrower will save approximately $3,000 a year or $250 per month.

 

More Changes Ahead

Late last month, FHA also announced it will increase its upfront premiums on most other loans by 75 basis points to 1.75 percent. In addition, FHA will raise annual premiums 10 basis points and 35 basis points on mortgages higher than $625,500. Read FHA’s new Mortgagee Letter.

 

This will be effective for all FHA Mortgages originated after April 1, 2012. 

Cecelia Marlow

Mortgage Banker

NMLS #294376

 

Contact Information

Direct     (312) 738-6294

Fax         (312) 491-7704 

Have A Question?  Please Feel Free to Call or Text Me At 708-439-0165.  Find A Home or A Select Destination at http://dtaylor.illinoisproperty.com or http://protravelnetwork.com/gracesvacations!  Subscribing to My Blog Is Appreciated!

  

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3 Comments on FHA will lower its Upfront Mortgage Insurance Premium

MAR
09
2012
508,643 Points 4 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

What great news for those that meet the FHA Streamline Refinance Program guidelines!
10:47pm • #1
882,668 Points 10 Featured Posts Attended Rain Camp Called Shot Master

Dale, on one hand, it's a good news for re-fi for those special people - on other hand, newly originated loans are getting more 'expensive'!
11:36pm • #2
MAR
10
2012
128,449 Points 3 Featured Posts Outside Blog

Thanks Lawrence and Praful.  Yea, I agree about the getting more expensive part.  I will be so happy when the banking and/or mortgage industry puts the greed on the back burner and do the right thing to stabalize the housing industry!  I guess I'm asking too much?
12:00am • #3


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