Apply now for FHA streamline refinance with lower mortgage insurance rates

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Shortly after FHA announced their new (and lower) mortgage insurance rates for streamline refinances in March, I quickly jumped onto The Mortgage Blog to update the millions and millions of loyal readers of this blog on the coming changes. The recap the changes:

  • Lower mortgage insurance rates on FHA loans are for streamline refinances only
  • Homeowners who got their current FHA loan prior to June 1, 2009 are eligible for the lower premiums
  • The upfront premium is only 0.01% of the loan amount (compared to 1.75% of the loan amount for all other FHA loans)
  • The monthly premium is based on 0.55% of the loan amount on an annual basis (versus 1.25% for all other FHA loans)
  • FHA streamline refinances do not require an appraisal

In short, homeowners must make their mortgage payments on time, and got their FHA loan prior to June 1, 2009 to qualify.

If you qualify for the new FHA Streamline refinance mortgage insurance, you can get started now with the loan application. You can complete an application, lock in your rate, and get started with the loan process. While you can’t close on the loan until you get an FHA case number on June 11, 2012, taking this approach will put you ahead and the game once June 11 rolls around. This approach definitely beats staring at a calendar hoping time passes by faster.

George Clooney stars in “Men who stare at Calendars”

Let’s review… get started now OR sit around and stare at the calendar. What do you want to do? If your home is in the state of Georgia, I can help you get started!

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