FHA reduced its monthly mortgage insurance premiums (MIP) by 0.50% for all new FHA loans as of January 26, 2015. The reduction will save FHA borrowers about $40 per month for every $100,000 borrowed. Current FHA borrowers must refinance with an fha streamline refinance or other FHA refinance to lower their MIP.
The fha streamline refinance program is a special refinance program for people who have a federal housing administration (FHA) loan. It is the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets.
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Cunningham says many people refinance to eliminate their private mortgage insurance (PMI) payments, either because they have more home equity or want to take advantage of a lender-paid PMI program..
borrowing equity from your home To find out how much equity you have in your home, you will need to get a property valuation.. Whether you can borrow additional funds to access the equity in your home will depend on a number of factors, such as income, living expenses and how much you owe.
The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. It is sometimes also called an FHA-to-FHA refinance. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their mortgages into today’s mortgage rates.
For a new fha loan issued through the FHA streamline refinance program, the FHA upfront premium may be 0.01 percent of the loan amount. FHA mortgage loans being refinanced with the endorsement date of June 1, 2009 or after may expect an Annual MIP schedule of: 15-year loan terms & LTV above 90% – 0.70 percent annual MIP
| Home Ownership. Five Advantages to Refinancing via FHA Streamline. If you decide to refinance, you may want to find out if you qualify for an FHA Streamline refinance loan.This type of mortgage program is available to those whose current mortgage is FHA insured.
100 percent financed mortgage New MassHousing mortgage program requires no down payment – The quasi-public state agency said Sunday that under the program, income-eligible people using a MassHousing mortgage to purchase their first home will be able to finance up to 100 percent of the cost.
The FHA Streamline Refinance program is a special refinance program for people who have a Federal Housing Administration (FHA) loan. It is the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets.
Closing costs on a FHA streamline refinance can range from $1500 to as much as $6000. The amount varies due to the size of the loan and the lender you use. fha streamline waiting Period. In 2015 the federal housing administration announced that the mortgage insurance premiums were dropping from 1.25% to 0.85%.