FHA Update on CLTV Changes and UFMIP Refunds – UFMIP refunds Since the new mortgage insurance premiums (MIPs. of $11,250 and now they want to do a streamline refinance. The refund they will receive for a December closing will be, according to.
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If you currently have an FHA mortgage, the fha streamline refinance may help you fast-track your efforts to lower your home loan payment – with fewer steps and less stress. In this guide, we’ll explain everything you need to know about the FHA streamline refinance program: Overview of the FHA Streamline Refinance Program
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FHA borrowers have to pay two types of mortgage insurance premiums: annual and upfront. The upfront mortgage insurance premium is charged when you first get your mortgage, and the annual premium is an ongoing obligation you pay every year. Paying for FHA mortgage insurance. The upfront mortgage insurance premium costs 1.75% of your loan amount.
FHA Refinances Soar on Reduced Fees – Effective June 1, the one-time upfront charge for mortgage insurance on an FHA. otherwise would have a hard time refinancing to qualify. Homeowners who currently have a non-FHA mortgage cannot.
FHA Streamline: Refinancing Just Got Easier and Cheaper – FHA Streamline home loans have been available for years. Unfortunately, increases in mortgage insurance (MI) premiums often wiped out the savings for those refinancing. However, in an effort to assist.
Net Tangible Benefit Changes To FHA Streamline Refinance – · Recently (February, 2011) FHA came out with a few changes to the FHA streamline refinance program in an official announcement called a “Mortgagee Letter”.. One of those changes was a change to something called the “Net Tangible Benefit” calculation which is a calculation that is required on all FHA streamline refinances. FHA Streamline Net Tangible Benefit Changes
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FHA Net Tangible Benefit & Streamline Calculator – The most notable change is the "net tangible benefit". New FHA streamline loans originated after April 18, 2011 must demonstrate a 5 percent reduction to the principal and interest of the mortgage payment plus the annual mortgage insurance premium (MIP), or if refinancing from an Adjustable Rate Mortgage (ARM) to a fixed rate loan must.
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Current Annual MIP on Certain Streamline FHA Refinances. SF forward streamline refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MIP will be 55 bps, regardless of the base loan amount and takes effect on or after June 11th, 2012. *Revision to the Annual MIP Premium – as per Mortgagee Letter.
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How FHA mortgage insurance premiums work, and how to cancel your monthly MIP.. you can receive lower MIP rates via an FHA streamline refinance.. The following chart shows FHA and.