Starting June 11, 2012 FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) for certain FHA borrowers with a drop to just .01%. The past rate of PMI on FHA loans made the streamline almost impossible due to the lack of benefit to the homeowner. Borrowers will now be able to get into a streamline FHA loan that they were previously unable to get. To qualify borrower must: *be current on your existing FHA mortgage. *your current FHA mortgage must have been endorsed by 5-31-09 Also employment and income verification is not needed and no credit report or appraisal is required. These changes took effect on 6-11-12.
Lisa Scanlon, CSA