Do you currently have an FHA Loan? Did you acquire the loan before January 26, 2015? If so, then you’re gonna want to read on.
Back in January, the Federal Housing Administration (FHA) lowered the annual premium on its mortgage insurance from 1.35% of the outstanding loan balance to 0.85%. So, if you acquired an FHA loan prior to January 26th, there’s a very good chance you could save a few hundred dollars a month by doing a simple FHA Streamline Refinance.
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What is and FHA Streamline Refinance?
The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. It is a fairly straightforward way to refinance your existing FHA mortgage to lower your monthly payments.
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Obviously there are some requirements set forth by FHA, but if you qualify, you could save quite a bit of money on your monthly house payment.
Some of the requirements are:
- You must be able to realize a minimum 5% reduction in payment.
- You must have a minimum of 6 payments made on your current FHA mortgage before being eligible for refinance.
- The refinance can only be to reduce your rate and/or term – cash out is not allowed.
- Appraisal not required under most circumstances.
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Contact Me Anytime!
If you have any questions about whether or not you qualify, feel free to contact me anytime. We can quickly figure out if you qualify and are able to refinance and save money.
–Written on July 29, 2015