Recently, Acting Federal Housing (FHA) announced significant price cuts to Florida’s FHA’s Streamline Refinance Program that could benefit millions of Florida homeowners whose mortgages are currently insured with a Florida FHA loan. Beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for current Florida FHA borrowers.
To qualify, Florida homeowners must be current on their existing FHA mortgage which were endorsed on or before May 31, 2009. Late last month, FHA also announced it will increase its upfront premiums on most other FHA home loans by 75 basis points to 1.75 percent. In addition, FHA will raise annual premiums 10 basis points and 35 basis points on Florida mortgages higher than $625,500.
“This is one way that FHA can make a real difference to help Florida homeowners who are doing the right thing, paying their bills on time and want to take advantage of today’s low Florida mortgage interest rates. By significantly reducing costs for these Florida homeowners, we can make certain they cut their monthly FHA mortgage burden, which will benefit the Florida housing market and the broader economy in the process.”
Currently, millions of Florida households with loans endorsed on or before May 31, 2009, pay more than a five percent annual interest rate on their FHA-insured mortgages. By FHA refinancing through the FHA streamlined mortgage process, it’s estimated that the average qualified Florida FHA-insured homeowners will save approximately $3,000 a year or $250 per month. FHA’s new discounted prices assume no greater risk to its Mutual FHA Mortgage Insurance (MMI) Fund and will allow many of these Florida homeowners to FHA refinance into a lower cost Florida FHA-insured mortgage without requiring additional underwriting. FHA-insured Florida homeowners Apply Now for an FHA mortgage in Florida. Or use our Quick Application to receive more information on your next FHA home loan.
Last month, the Obama Administration announced a broad package of actions and legislative proposals to help responsible Florida homeowners save thousands of dollars through FHA refinancing a Florida mortgage. This includes the changes announced today that will benefit current particularly those whose loan value may exceed the current value of their Florida home. By lowering monthly FHA mortgage costs for Florida home-owners, FHA hopes to help more Florida homeowners will stay in their homes, thereby decreasing the potential for future default and reducing losses to the Mutual Mortgage Insurance (MMI) Fund.
changes outlined in today’s Florida
FHA mortgagee letter apply to all Florida mortgages insured under FHA’s
Single Family Mortgage Insurance Programs except:
• Title I
• Home Equity Conversion Mortgages (HECM)
• Section 247 (Hawaiian Homelands)
• Section 248 (Indian Reservations)
• Section 223(e) (Declining Neighborhoods)
FHA refinancing offers existing Florida home owners looking to complete an FHA refinance many advantages you wont find in any other Florida home loan program. AFlorida FHA mortgage refinance will also benefit Florida homeowners who do not currently have an FHA loan. FHA refinancing highlights include:
FLORIDA FHA CASH OUT REFINANCE UP
TO 85% OF THE APPRIASED VALUE:
FLORIDA FHA RATE AND TERM MORTGAGE
REFINANCE UP TO 96.5% OF THE APPRAISED VALUE:
FLORIDA FHA STREAMLINE REFINANCE
EXSITING FLORIDA FHA LOANS:
FLORIDA FHA REVERSE MORTGAGES FOR
SENIORS TO ELIMINATE PAYMENTS:
FHA refinancing offers benefits for current Florida home owners who are seeking to complete a FHA refinance mortgage of their existing real estate mortgage (s). A FHA mortgage refinance may also benefit you even if you do not currently have a FHA loan. Some different ways of using a FHA mortgage for your Florida mortgage are as follows:
FHA CASH OUT REFINANCE: An FHA cash out refinance with FHA loan applicant a higher loan to value than any other Florida mortgage program. With an FHA mortgage refinance, current homeowners can cash equity built up in their homes; up to 95% of the home’s FHA appraised value, to spend how they please.
FHA REFINANCE TO CONSOLIDATE DEBT: High interest credit cards and other high interest debt can be consolidated into one low monthly FHA mortgage payment with an FHA debt consolidation refinance.
FHA REFINANCE TO LOWER PAYMENTS: Florida homeowners with higher interest rate home loans, including adjustable rate mortgages, can use an FHA refinance to lower their monthly housing obligation. In addition, Florida homeowners with a 15-year mortgage can refinance into a 30-year or 40-year fixed rate mortgage to lower the monthly payments.
FHA STREAMLINE REFINANCE: FHA streamline refinancing is perfect for Florida homeowners who currently have an FHA mortgage and want to reduce their rate and payments. With an FHA streamline refinance, homeowners can refinance their Florida mortgage payments with no credit check and no appraisal. The only FHA condition is that the homeowner has to be current on the FHA mortgage. Your current mortgage payments must be current in order for you to qualify.
FHA CHAPTER 13 REFINANCE: Florida Homeowners who have enough equity in their home and who are currently in a Chapter 13 repayment plan can refinance to consolidate monthly credit obligations into one low monthly mortgage payment.
CLICK START NOW TO GET PRE APPROVED TODAY!
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