FHA Borrowers Get A Break On Refinancing
Chris Lunn, Senior Loan Consultant at Capital One Bank Home Loans, in Bethesda, Maryland, Chris.Lunn@capitalone.com, asked us to advise our clients that a new refinancing program begins on June 11, 2012. Under the plan, home owners that have FHA mortgage financing may be eligible for a streamline refinance at a lower mortgage insurance premium.
The upfront mortgage insurance premium, which is required on all FHA loans, will be reduced from one percent of the loan to 0.01 percent. The annual mortgage insurance premium, which is included in monthly payments, will be reduced by half from 1.10 percent of the loan amount to 0.55 percent.
Those that have a current FHA mortgage and want to apply for a streamline refinance should contact a mortgage lender to make application.
The following requirements must met to be eligible for this special refinance program:
- The current mortgage must have been taken out before June 1, 2009.
- The payments on the current FHA mortgage loan must be current.
- The streamline refinance must lower the amount of the monthly principal and interest cost.
Again, those that are interested should contact a mortgage loan officer. Chris Lunn, 240-483-1886, is available to assist those that do not have a current relationship with a loan officer.
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Roy and Dolores Kelley Photographs
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