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New FHA Streamline Guideline Changes Went Into Effect Today.
This most recent FHA change is really good news indeed ... and plainly explained.  Take a look, and if you have a qualifying loan, more importantly, TAKE ADVANTAGE.  We'd be happy to refer you to a lender than can help you refinance your home mortgage.
As of today anyone with a FHA Mortgage that has an FHA Case Number that received Endorsement on or before May 31, 2009, can refinance their FHA Mortgage under the new guidelines.  Today the FHA Monthly Insurance (MI) reverted back from a 1.25 multiplier to a .55 multiplier, and the UpFront Premium from a 1.75% to .01%
Even with the interest rates as low as they have been refinancing has not been possible for many Homeowners for a couple of reasons:
Home values have dropped to a point that many properties do not have enough equity to be able to refinance. In many cases the value of the property is not only below what the homeowner paid for the property, but even below the remaining loan balance on the home. The FHA Monthly Insurance (MI) increase from a .55 multiplier to a 1.25 multiplier, and the UpFront Premium from 1.000% to 1.750% greatly reduced the monthly ... more

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