New and Improved FHA Streamline Refinance Program!

By
Mortgage and Lending with LSI Mortgage Plus 293451

 

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)

Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

That should help a lot of homeowners get a much better rate.  Thanks for the info.

Jun 19, 2012 04:51 AM
Todd Feager
LSI Mortgage Plus - Arnold, MO

There a re millions of people with FHA Loans opened prior to June of 2009 that up until this point have seen the benefit of lower rates get eaten up ny the higher FHA premiums. This opens the doors for all of them people to take advantage of the market. Great program!

Jun 19, 2012 04:54 AM
Anonymous
Joe Karns

Geat info here. It's nice to see the Government step up with this program but if the big banks don't follow along, what good is it for the regular folks? Hopefully the Gov starts to force the banks to loosen the guidelines.

Jun 19, 2012 08:25 AM
#3