FHA Streamline home loans have been available for years. Unfortunately, increases in mortgage insurance (MI) premiums often wiped out the savings for those refinancing.
However, in an effort to assist more homeowners to refinance at today’s incredibly low interest rates, FHA mortgage insurance rates were reduced, effective June 11th, 2012.
These changes apply to those whose FHA-insured home loans were endorsed on or before May 31st, 2009. (The FHA endorsement date is not the same as your home loan’s closing date. It’s the day that FHA actually reviewed your case, and approved it or “Endorsed you” for Insurance Coverage. This date could be AFTER you closed. Double check this or give us a call at 707-763-6290 if you need help.)
This new change could mean thousands of dollars in savings for most borrowers.
In addition to incredibly low interest rates and massive savings over the life of your mortgage loan, FHA streamlined refinances offer the following benefits:
- Low mortgage insurance
- No appraisals required
- ‘No-cost’ refinancing possibleLower credit scores OK
- No loan balance increase to cover loan costs
- Can refinance even if ‘underwater’
If you are not sure if you are eligible, feel free to give me a call at (707) 763-6290 or visit our website at FHA Refinance California, where I can help you check your eligibility.