New Refinancing Program Coming June 11th
Due to rising mortgage insurance premiums on FHA loans, many borrowers have currently been seeing most of the money they saved through refinancing being eaten up by these fees. In an effort to help more "underwater" homeowners refinance to take advantage of current historic low rates, the Fed has decided to change their refinance guidelines, allowing homeowners to refinance their FHA loan regardless of the home's appraised value or loan amount while also reducing mortgage fees for qualifying borrowers.
With the FHA streamline refinance program, the average household could save $3000 annually, providing homeowners with additional cash for paying bills, meeting household expenses and preventing foreclosure.
To qualify for the FHA streamline refinance program, you must meet the following:
1. Currently have a FHA mortgage that was assigned before May 2009
2. You are current on your mortgage and have not been late over the last 12 consecutive months
To discuss this program and if you qualify for it further, please contact your home loan specialist.