HUD has announced reduced upfront and annual MIP for FHA streamline refinances for borrowers who currently have an FHA mortgage that was endorsed PRIOR TO June 1, 2009. For borrowers whose current FHA mortgage meets the endorsement date criteria, the upfront MIP for a refinance will be .01%. The annual (monthly) MIP for these loans regardless of LTV will be .55%. This is for case numbers assigned on or after June 11, 2012. In Layman’s terms, if you started your current FHA mortgage before June 1, 2009, whether it was a purchase or a refinance, it is VERY likely that you can benefit from this streamline refinance. Without going in to depth, a streamline FHA refinance is cheaper, quicker, and easier than a full on refinance.
Please keep in mind the reduced MIP is based on the endorsement date, not the closing date. If you closed on your current FHA anywhere close to this aforementioned date, it may be worth taking a look and I’ll see if your endorsement date was at the right time for this.
Call me, Brad Lynch, today to start the process and/or Apply Online now. 469-450-2723.