If you're a realtor and you had a buyer that used an FHA loan to purchase their home between April 2013-August 2014 it may be time to give them a call. The brand new FHA MIP rates are effective today and offer a significant savings over the rates that these buyers are currently paying. As a lender I've been busy contacting people that have FHA loans and I'm sure other lenders are as well, but what a great opportunity for you, their agent to reach out and offer them the information. Maybe their lender hasn't gotten to them on their call list yet, I know I haven't made it through mine. What better time to ask for a referral then when you just offered them valuable information. On a previous blog I posted a flyer showing the savings based on different loan amounts. Here are some other good points:
FHA Streamline Refinances are available to allow home owners to take advantage of the lower MI:
Must have made at least 6 payments with no 30 day lates in the last 12 months (or howevever many months they've owned the loan if less than 12)
No Appraisal Required
No Income Verification (employment will be verified but not income amounts)
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