Financing in Woodward Park>Question Details

Larry, Home Buyer in Woodward Park, Fresno,...

does private mortgage insurance increase on a new streamline loan? On a 240,000 30yr FHA I now pay 96.17/mo.

Asked by Larry, Woodward Park, Fresno, CA Mon Jul 30, 2012

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Hi Larry,

Please keep in mind that even if your mortgage insurance increases, you are required to save at least 5% over your current PI& monthly mortgage insurance payments before you will approved for the new FHA Streamline refinance loan. With rates as low as they are now, you are more than likely to meet that threshold, rather than not.

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
0 votes Thank Flag Link Mon Jul 30, 2012
If your FHA mortgage was endorsed on or prior to May 31, 2009 then your mortgage insurance premium will stay about the same as it is now and your rate will be much lower. If your current FHA mortgage was endorsed after that date, then yes, the mortgage insurance premium will go up, however you may still benefit from an FHA streamline refinance depending on what your current rate is. Most people with FHA mortgages that currently have 5% rates or higher would benefit from a streamline without appraisal. If your mortgage meets the criteria for the grandfathered MIP then you will definitely benefit. Please contact me for more assistance.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Mon Jul 30, 2012
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