FHA Streamline Refinance For Amesbury MA Mortgages Effective 06/11/2012

FHA programs ordinarily have an Up-Front Mortgage Insurance Premium (UFMIP) paid upon closing plus an Annual Mortgage Insurance Premium (MIP) billed with each mortgage payment. The mortgage insurance amount is based upon the date on which the FHA Case Number was created and remains until a loan balance falls under a specific amount. FHA loan holders looking to refinance could be able to obtain a lower mortgage insurance rate. Below are details on FHA streamline refinance for Amesbury MA mortgages effective 06/11/2012.

New Rates Effective June 2012

Effective June 11, 2012, if you hold an FHA loan with a case number issued on or prior to May 31, 2009, you may be eligible for a discounted up-front mortgage insurance rate of 0.01% and an annual MIP of 0.55% when you refinance. This is based on a 30-year loan and is not dependent on the base loan amount. FHA insurance rates have changed over time and your existing premium depends on when your specific case number was issued, the loan terms, and the base loan amount. This new percentage is less for most homeowners who closed during that time frame and will result in a reduced monthly payment.

Additional Notes on FHA Streamline Refinancing

FHA allows borrowers to refinance using a streamline process which requires no property appraisal or income confirmation. It is vital that you have a good payment history, that you are up to date on all payments, and have an acceptable credit rating. You can take advantage of reduced interest and mortgage insurance rates without being restricted by a down real estate market. Although settlement costs generally apply, the resulting savings may make refinancing well worth it.

FHA Streamline Refinance For Amesbury MA Mortgages Effective 06/11/2012

The FHA streamline refinance for Amesbury MA mortgages effective 06/11/2012 is a huge benefit for home buyers who obtained a mortgage during the qualified dates and will lead to monthly savings. Contact John Wells at Wellsco Realty by calling 978-518-1481 or emailing teamjohn@johnpwells.com to be referred to a local mortgage advisor. DISCLAIMER: All details provided in this blog are derived from HUD policy documents and information available at the time this blog was prepared. This is subject to change without notice. Always consult with a loan professional for up-to-date details on loan options.

About Editor-John P. Wells

I am a resident of Newburyport and have worked in education, high tech and urban development. My interests in architecture and construction are invaluable to my clients. For more information please visit the Wellsco website.