FHA Streamline Refinancing More Affordable

Streamline refinancing just became more affordable for people with FHA mortgages endorsed prior to May 31, 2009. Effective today, the Federal Housing Administration reduced upfront mortgage insurance payments and reduced monthly insurance premiums.

The new FHA Streamline Refinance annual premium, which is paid monthly by the borrower, is now .55% on a streamline refinance of any loan endorsed on or before May 31, 2009. This is a much lower premium rate than the previous FHA Streamline rate of 1.2% – 1.25%. The upfront mortgage insurance premium (UFMIP) is a one-time fee collected by FHA and added to the loan balance. FHA increased UFMIP to 1.75% on April 1st, but as of today this new FHA Streamline Refinance UFMIP rate is only .01% when the previous loan was endorsed on or before May 31, 2009.  All other streamline refinances will still be subject to the UFMIP rate of 1.75%.

FHA Streamline Refinances are the fastest, simplest way for homeowners with FHA mortgages to refinance. Another defining characteristic of the FHA Streamline Refinance program is that a home appraisal is optional. Instead of a new home appraisal, the FHA will allow you to use the original loan’s appraised value as your home’s current value, regardless of what your home is worth today. This may be quite helpful to homeowners who suffered reductions in home values since 2007.

A licensed mortgage loan officer can help you determine if you meet the requirements to be eligible for the reduced premiums available and if a FHA Streamline Refinance is right for you. Call 239-936-4232 for more information.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs.   Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

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About Best Florida Mortgage Company! Jim Marcinkowski

Mission Statement Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships. NMLS 182565, NMLS 1016
This entry was posted in Florida Home Financing, Loan, Mortgage, Mortgage Financing, Refinance and tagged , , , , , , , , , , , , , , , , . Bookmark the permalink.

One Response to FHA Streamline Refinancing More Affordable

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