LSI is excited to announce the new FHA Streamline changes effective June 11th 2012!
Many homeowners that currently maintain an FHA Loan have not been able to take advantage of the record low interest rates over the past 12 months due to the higher monthly premiums enforced by FHA. FHA has come to their senses and opened up their program for individuals that currently have an FHA Loan opened before 5/31/2009. The new streamline program will have the monthly premium reduced to .55% from the current standard of 1%. In addition to this they will be eliminating their 1.75% upfront Fee down to .01% which is essentially nothing. This is great news for current FHA Loan holders and will open up the doors for Millions of homeowners to reduce their monthly payments. If you currently have an FHA Loan that was opened prior to 5/31/2009 and have an interest rate over 4%, feel free to email me directly for a free proposal at tfeager@mortgage-plus.com. I look forward to working with you!
Below is an example of a standard FHA Streamline Refinance with current guidelines vs the new program effective June 11th
Current FHA Streamline New FHA streamline
250k Loan balance 250k Loan Balance
3.875% 30 yr fixed 3.875% 30 yr Fixed
Upfront Premium (Fee) to FHA = $4,375 Upfront Premium (Fee) to FHA = $25
Principle and Interest Payment = $1,175.59 Principle and Interest Payment = $1,175.59
Monthly Mortgage Insurance = $247.95 Monthly Mortgage Insurance = $113.64
Total Monthly Payment = $1,423.54 Total Monthly Payment = $1,289.35
Comments (3)Subscribe to CommentsComment