Calling All FHA Mortgage Holders

Starting on June 11, 2012. FHA mortgages will be changing its monthly mortgage insurance premium. This could mean a great savings to you monthly.

Depending on situation some FHA mortgage applicants will pay lower mortgage insurance premiums going forward, some will pay more. The new changes will apply to all FHA mortgages, both purchase and refinance.

All FHA Case Numbers assigned on, or after, June 11, 2012, homeowners whose current FHA mortgage pre-dates June 1, 2009 will be entitled to dramatically reduced annual mortgage insurance premiums and almost zero upfront mortgage insurance premium via the FHA Streamline Refinance program. The FHA Streamline program is NO appraisal refinance program.

Very important to know that case numbers go by endorsed date with FHA not actually closing date. You might have a situation were your closed date is before June 1,2009 but your endorse date is after which means you would not be eligible for the special program.

Here is a great example on how this will look:

A resident in Red Cedar Canyon development who may want to refinance with a FHA loan size of $200,000, would look at savings like this:

*For a 30-year fixed-rate loan greater than 95% loan-to-value.
Source: Federal Housing  Administration.

These numbers could make a big difference in your monthly savings account.  Could mean an extra vacation for you this summer :-) 

If you are interested in finding out if you are eligible for this program please contact me anytime and I will do a Streamline consultation with you at no cost.  You have nothing to lose and only savings to gain.

---

Myke LaVenture (NMLS #282849) is an active loan officer with Waterstone Mortgage. Email Myke at mlaventure@waterstonemortgage.com, call at 651.338.4377 or click to get a free, no-obligation rate quote. You can also find Myke on Twitter and Facebook. Serving all communities of Wisconsin and Minnesota.