There’s a new FHA Streamline Refinance program coming on June 11, 2012 and lots of people are interested in it! It has a new “tier” for the FHA PMI rates – that is much lower than the current rates! Of course, FHA doesn’t actually make loans, they just insure the Lender against default. Because most of the people we know call this kind of Insurance PMI – we refer to it that way.
In the Announcement for the New Streamline FHA Refinance Program, it states that the only people who qualify are people with “Mortgages that were ENDORSED By FHA Prior to May 31, 2009.”
What does that mean?
This is NOT your closing date. It’s the day that FHA actually reviewed the case, and approved it “Endorsed you” for Insurance Coverage.
The Process for Endorsement from FHA really depends on who you received your loan through. If it was a large bank, it’s possible that they did an LI Endorsement, instead of sending information directly to FHA for review (which is what most lenders do). Either way, the documents are sent to FHA within 60 days of closing for them to endorse.
Bottom Line is this: you could have closed on your mortgage in March of 2009, and your loan might not have been endorsed by FHA on May 31, 2009!
How Can You Find Out When Your Loan Was Endorsed By FHA??? We talked to FHA in Washington today – and they confirmed that you can call 800-697-6967, 8:30 a.m. to 8:30 p.m. Eastern Standard Time, Monday through Friday. You can also call the FHA Resource Center at 800-225-5342 Monday-Friday, 8 a.m. to 8 p.m. ET.
When you call, you need to have your FHA Case Number handy, they can’t help you without that. The FHA Case Number is on your Closing Docs. In NC, the case number is generally a 10 digit number, but could be up to 13 digits long. It’s normally found on your HUD-1 Settlement statement, on the top right corner of your note, and on the first page top section of your Appraisal. You likely also signed a HUD 92900-A which will have the case number on it.
In addition, if you want to see if you qualify, we can also look up your endorsement date via FHA Connect. Please call Steve Thorne, 919 649 5058, we’ll be glad to help you with a Streamline FHA Mortgage Loan in North Carolina!
More Details and Informaion -> Originally posted at NCFHAExpert What Does Endorsed By FHA Refinance Mean?
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