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New FHA Program Lowers The Cost of Refinancing!

By Alan Gross

Mortgage and Lending with PrimeLending, A PlainsCapital Company, Equal Housing Lender NMLS #217388

June 11, 2012 09:35 AM

New FHA Program Lowers The Cost of Refinancing!

Effective June 11, 2012 FHA has reduced the costs for Streamline Refinances for loans Endorsed before June 1, 2009.

Attention home owners in Maryland, Virginia, the District of Columbia and the other 48 states. Now may be the time to refinance if you have a mortgage guaranteed by FHA.

For the past year of so the Federal Housing Administration (FHA) has been increasing the Mortgage Insurance Protection (MIP) premiums. The increase in premiums has made it unattractive for people who have loans guaranteed by FHA to refinance because the increase in the MIP has more than offset the lower interest rates.

Effective June 11, 2012 the rules have been changed and it will make sense to refinance your FHA loans to a lower interest rate.

To qualify for the new lower MIP premiums your loan must have been endorsed (guaranteed) prior to June 1, 2009. This is not the date you settled but the date your lender got the endorsement from FHA.

So, how do you know if your loan was endorsed prior to June 1, 2009. First you need to find you FHA Case number. This can usually be found on your HUD1 settlement statement or on the top right hand corner of the note you signed. Call (240.813.0614 or email me if you need help or have questions about this.

How can you find out if you loan was endorsed by FHA prior to June 1, 2009. Get the FHA Case number mentioned above and call 800-697-6967 from 8:30 a.m. till 8:30 p.m Eastern Standard Time Monday through Friday or call 800-225-5342 from 8:00 a.m. till 8:00 p.m. Eastern Standard Time Monday through Friday. Or, if you like I will be happy to check for you. Give me a call at 240.813.0614 or complete the quick qualifier form by clicking here..

You can refinance your FHA loan with any lender. You are not restricted to the lender you currently make your payments to.

FHA Streamline refinances can be done quickly. In some cases no income documentation or appraisal are required. Investment Properties (even if you took out the loan while you were living there) and Second Homes are eligible for for this new program.

Don't miss the opportunity to save money by lowering your mortgage payment. Call me today at 240.813.0614 or complete the quick qualifier form by clicking here to get started.

Your source for Conventional, FHA and VA loan information.

My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.

Alan Gross