Government Refinance Assistance

After dipping to near record lows again in April, mortgage interest rates have jumped to levels not seen in more than a year. Borrowers who are hoping rates will dip down toward those record lows again will probably find themselves disappointed. With hints from the Federal Reserve that their aggressive treasuries and mortgage-backed securities purchase program may be tapering soon, mortgage interest rates are up about half a percentage point in the last month or so. And odds that rates will move higher going forward appear higher than the odds of rates significantly lowering again.

The good news is that rates are still very, very low from a historical perspective. Just a few years ago the average 30 year fixed mortgage was in the low to mid 6′s. This month the average 30 year fixed mortgage is still in the low to mid 4′s. The important thing for borrowers to recognize is that the longer they wait to refinance or purchase a home, the greater their risk will be of missing these historic low rates entirely.

Contact us in the sidebar right away to get an estimate on a government-backed mortgage. Rates are still very low by any historical measure but there is no telling how long these low rates will be available.

Homeowners who are looking to refinance have a bad habit is missing record lows on interest rates. Some miss the lows out of pure bad luck. But some miss them because they misunderstand the process of refinancing a mortgage. Getting to the point where you are ready to lock an interest rate often takes weeks after estimates are sent, applications are started, disclosures are sent and signed and returned, and other documents are gathered. People who watch rates daily and decide to start an application after rates have dipped often find that they are not ready to lock their rate in until weeks later anyway. A better approach is to get the refinance process started and watch rates as the file moves through the processing and underwriting queues. That way borrowers can lock for 30 days or sometimes 15 days and get even better rates. There is nothing wrong with getting your loan ready to go and then locking and closing late in the process — especially if rates are trending lower as they have been the last few days after spiking last Tuesday. The value to that approach in times like these, where rates appear to be inching lower again, is borrowers will be ready to close as soon as rates dip again (assuming they do dip again).

If you have been considering a refinance contact us in the sidebar today to get more information and/or an estimate. Rates are unpredictable but there is value in being ready to jump at the right time.

Mortgage interest rates started increasing about a month ago and have yet to stop their ascent. For folks who are currently in adjustable rate mortgages (ARM’s) and intend to continue owning their home for years to come, the time might finally be here to get into a fixed rate mortgage.

The value of ARMs

Adjustable rate mortgages got a bad rap after the housing crash. Too many borrowers got into adjustable rate mortgages without fully comprehending how much their payments might increase when the rates started adjusting. But the truth is ARM’s are a terrific tool for folks who intend to own the home for only a few years. For those owners there is no reason to pay a premium for a 30 year fixed rate when they fully intend to sell in 5-7 years.

Milking the low rates

Huge numbers of borrowers in the U.S. are currently in adjustable rate mortgages that already started adjusting. In many of these cases these borrowers discovered that when their loans started adjusting their payments dropped over the last few years as a result of the federal government compressing mortgage interest rates. For those borrowers it hasn’t made a lot of sense to refinance into a fixed rate because doing so would increase their payments.

But this jump in rates in the last month might mean those record low rates will be a thing of the past. Rates are still very low by any historical measure, but they are up 0.5-0.75% since April.

The time has come

If you are in an ARM now and intend to own your home for several more years contact us in the sidebar right away. There is no telling how much higher rates will go as the economy continues to improve. Rates are still near the all time lows so now is the time to lock in a low fixed rate.

As the US stock market breaks new record highs mortgage interest rates have been moving higher over the last several weeks as well. The more popular stocks become with investors the less popular US treasury bonds become and when investors sell treasury bonds mortgage interest rates normally begin moving higher. It comes as no surprise that mortgage interest rates are off their recent all time lows. Everyone knew those record lows could not persist forever. The good news is that for now interest rates are still near all time lows so it is not too late to refinance or purchase a home at these astonishingly low rates. Contact us in the sidebar to get more information and/or an estimate on a government backed mortgage right away. There is still time to get in on the low interest rate bonanza that so many borrowers have already taken advantage of.

The past year has been a good one for home values in the US. Values of homes across the country have finally begun increasing after going into a free fall in 2007. Increasing home values is not necessarily great news for home buyers but it is terrific news for folks who would like to refinance to a lower interest rate. Homeowners who currently have mortgage insurance (pmi) with their mortgage stand to benefit the most from rising home values. When a homeowner has at least 20% equity in their homes they can refinance into a conventional Fannie Mae or Freddie Mac mortgage with no mortgage insurance. It behooves anyone who has mortgage insurance now — including folks with FHA loans — to investigate the current value of their home and see if they can refinance and drop their PMI entirely.

Contact us in the sidebar to get more information on the current value of your home. Our counselors have several tools that help them estimate the current value of homes. In some cases values have increased enough to allow borrowers with mortgage insurance to refinance and drop that pmi. Dropping pmi and lowering interest rates can lead to big monthly savings for families.

FHA loans have many benefits. They tend to have great rates and they are often the best option for families who don’t have a lot of money to put down when purchasing a home. However FHA loans also have mortgage insurance. The FHA keeps itself funded using the mortgage insurance fees it collects from borrowers. So the question that many borrowers who have FHA loans ask is, when and how can I drop this FHA mortgage insurance? Here are some answers:

When can I drop my FHA pmi?: Within the first five years of having an FHA loan the only way to get rid of PMI is to refinance to a conventional mortgage. And that only will work if the you have built up more than 20% equity. If lack 20% equity you would still need mortgage insurance with a conventional loan. The FHA currently has a minimum 5 year term on FHA mortgage insurance regardless of how much equity is built up in that time. In markets where housing values are not increasing quickly that normally means borrowers are best off just waiting. But housing values are starting to increase quickly in some areas of the country so in some cases borrowers are building up 20% equity in just a couple of years. If you have an FHA loan now and believe you might have more that 20% equity in your home contact us in the sidebar.

Note: This five year rule applies to current FHA loans. Starting in June 2013 the FHA will be making their pmi last for the life of the loan on all new FHA refinances or purchases.

How do I get rid of my FHA pmi?: After 5 years the FHA mortgage insurance should drop off automatically IF the principal balance is down to 78% of the value the FHA has on record for the home. That last part in important. Here is an example: Lets’ say a home was purchased in 2010 for $250,000 and was appraised at about the same value at the time. The FHA will have that $250,000 value on record and the balance of the loan would have to be 22% less than that (about $195,000) for the mortgage insurance to automatically drop off after 5 years. This would be true even if the home could appraise for more today. For instance, even if that home could appraise for $325,000 today the FHA still uses the original $250,000 value when determining when to automatically drop their mortgage insurance.

Again, in areas where home values are increasing it might make sense to refinance out of the FHA loan to get rid of the PMI rather than wait the 5-10 years for it to drop off on its own. Contact us if you have an FHA loan and think you might have 20% equity in your home soon. Rates on Fannie Mae loans with no PMI are excellent right now and could be very worth your while.

Freddie Mac is reporting that rates on 15 year mortgages and 5 year ARM’s are hitting new all time lows this week. The previous record low rates on these two mortgage products happened last November. Rates on 30 year fixed and other mortgage types did not break new record lows but are near the all time lows this week.

15 year mortgages are not for everyone but have some major advantages for families who can afford higher monthly payments. The primary advantage of a getting 15 year mortgage, besides the obvious benefit of paying off twice as fast as a 30 year loan, is that rates on 15 year mortgage tend to be at least a half a percent better than rates on 30 year mortgages. So over the life of the loan people with a 15 year mortgage pay much less in interest. The downside to 15 year mortgages is that payments tend to be significantly higher than the same loan amount being paid off over 30 year. Here is an example:

- The principal and interest payment on a $200,000 loan over 30 years at 3.5% would be about $898/month
- The principal and interest payment on a $200,000 loan over 15 years at 2.75% would be about $1357/month

So despite the 15 year rate being 3/4 of a percent lower in the above example, the minimum monthly payment is still nearly $460 higher. For a family that could easily afford the extra $460 or so per month the 15 year mortgage makes great sense in the long run. For families that don’t have that kind of extra monthly cash, a 30 year loan probably still makes sense.

The other thing to consider is that on a 30 year fixed loan there is virtually never a prepayment penalty. So a family with a 30 year loan could always pay ahead and still knock their mortgage out in less than 30 years if they wanted. The advantage of voluntarily paying ahead every month on a 30 year loan is if there comes a time when money gets tight you can go back to the minimum payment. With 15 year mortgages that higher payment is due every month regardless of income fluctuations.

Record lows on mortgage interest rates, by definition, are very rare. Contact us in the sidebar today to get a refinance estimate for your home.

Recent shifts in the stock market have sent more and more investors back into the safety of government bonds. The increased popularity of US bonds has pushed yields on those bonds lower and mortgage interest rates have followed. The yield on the 10 year T-Note closed at about 30 basis points lower than its 2013 highs from about a month ago. That means that mortgage interest rates are about a quarter percent better now than they were in mid March. Yields on US bonds are not quite at the all time lows they hit last November but they are getting in the same ballpark again.

If you have considered refinancing contact us in the sidebar immediately. When the trends on rates are moving in the right direction it is an excellent time to start a refinance. There are several government refinance programs that are up and running now that have proven extremely helpful to millions of American homeowners already. The Obama administration has extended and enhanced some of these programs, such as the HARP program and the FHA streamline program, to make them even more beneficial to borrowers. Contact us in the form on the right to learn more.

The Home Affordable Refinance Program, or HARP program, was initially set to expire at the end of 2013. But today the government agency that oversees HARP announced the highly successful program will be extended for two more years until Dec. 31, 2015.

Ed DeMarco, the director of the Federal Housing Finance Agency (FHFA) said this about the extension of the HARP program:

“More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk. We are extending the program so more underwater borrowers can benefit from the lower interest rates.”

The HARP program applies to conventional mortgages that are currently backed by Fannie Mae or Freddie Mac. There has been speculation that a “HARP 3″ program might be launched at some point in order to expand that pool of candidates for the HARP program beyond the current parameters but nothing has been announced on HARP 3 yet.

This two year expansion means there is more time for a HARP 3.0 and other enhancements of the program to get off the ground though, so bookmark this site to get the latest news on the HARP and other government refinance options. Contact us in the sidebar today to learn more about all of the government refinance programs that are currently available.

Mortgage interest rates have been moving lower for over a week now. A slow but steady drumbeat of disconcerting world news, including signs of more financial troubles in Europe and increasingly aggressive actions from North Korea have sent investors all over the world back to safer investments like US Treasuries. The increased popularity of US treasuries has in a roundabout way put downward pressure on mortgage interest rates again. While rates are not yet at the all time lows we saw in last winter, they are better than the increased rates we saw for much of February and March.

One big mistake that a lot of people make when looking to refinance is waiting too long to get the process started. Many borrowers wait until they think rates have bottomed out before starting a refinance process. The problem with that is that it often takes a few weeks of working on a refinance before it makes sense for a lender to lock the rate in so many borrowers miss the lows by starting too late. The best time to start a refinance is while a downward trend in rates is starting because borrowers are less likely to miss the lows in rates. Contact us in the form on the right today to learn more about the government mortgage programs that the Obama administration has in place.

One type of government backed mortgage we haven’t talked about much here in the past is the USDA rural housing loan. These USDA loans have some terrific advantages for folks who qualify. USDA mortgages have excellent rates and are one of the very few types of loans left that allow for zero money down on purchases. The main issue with the USDA mortgages is that one has to be purchasing a home in a rural, or at least relatively rural area to qualify. However, the definition of “rural” is pretty loose and in lots of new suburban communities that used to be rural areas these USDA loans are applicable still. The other sticking point for some folks is that this USDA program has a maximum income restriction so in many cases families that make six figures per year may not qualify for a USDA rural housing loan.

Our focus here has historically been mostly on refinances so if you have a USDA rural housing loan now contact us in the sidebar for info on refinancing it to a better rate. But if you or someone you know is considering purchasing a home, contact us in the sidebar as well and leave a note in the comments section that you are interested in purchasing a home rather than refinancing. We can get you information on the USDA rural housing program and other programs available in your area.

The Home Affordable Refinance Programs, or HARP, was launched in 2009. The program got off the ground fairly slowly but has been picking up steam ever since. The Federal Housing Finance Agency (FHFA) recently announced that in 2012, 1.1 million HARP refinances were completed. That is as many HARP loans as were completed between 2009 and 2011 combined.

Several factors have contributed to the upswing in HARP refinances: 1) Lenders finally became comfortable with the program and started approving more HARP loans, 2) Interest rates hovered near all time lows for much of 2012, and 3) The HARP 2.0 program went live in the summer of 2012 and that opened the program to many new candidates.

As we progress into 2013, all of the factors that made 2012 a banner year for the HARP program are still in place. Rates are still near all time lows, it is easier now to qualify for a HARP loan than ever before, and the infrastructure to get HARP loans completed is better than ever. Contact us in the sidebar to learn if the HARP program (or one the the other government refinance programs) can help your family.

Mortgage interest rates in the US have been moving lower the last few days thanks to troubles in a tiny Mediterranean island country.

As we have noted, the recent rally in the US stock markets caused mortgage interest rates to rise for the last month or so. That stock market rally was slowed this week on news that the tiny European country of Cyprus was in financial dire straits. The startling news was that Cyprus was planning to basically take a cut out of all the money deposited in its banks. It’s hard for us Americans to imagine the government coming in and taking a percentage of the money we have in stored in our bank accounts but that is pretty much what Cyprus was proposing. The very idea of such a move spooked investors all over the world on fears that starting down that slippery slope could eventually lead to a panic and a run on banks in Europe. So far Cyprus has not enacted that plan but the entire episode has cooled the rally in stocks and has sent many investors back into safer US treasury bonds. More people buying bonds drives yields on the 10 year T-bill lower and mortgage rate have followed. As a result, this weeks rates have been better then they were the previous few weeks.

If you have been considering refinancing to a better interest rate now is the time to investigate the various government refinance programs available. Rates are near all time lows for now but can’t stay this low forever. Contact us today by filling in the contact form to the right.

The FHA has been slowly going broke ever since the housing bubble burst in 2007. After sub-prime lending went extinct in 2007 the alternative for many borrowers and lenders was FHA loans. FHA loans became popular because they require little money down for purchases, they usually have low interest rates, and they allow for lower credit scores than conventional loans. The problem for the FHA was that housing prices continued to drop for several years after the FHA boom in 2007. Many of the loans the FHA had insured ended up defaulting and the FHA has been on the hook to pay the lenders off. That has led to a depletion of the FHA insurance funds.

To raise more money, the FHA has raised their mortgage insurance fees numerous times in the last few years. The next scheduled change will make the monthly FHA mortgage insurance fees last for the life of the loan rather than for the minimum 5 years that is in place now. This change in policy means that anyone looking to refinance their current FHA loan to the current all time low rates should get the process started in May to avoid the upcoming mortgage insurance change.

Borrowers with FHA loans should contact us today to get an estimate on an FHA streamline. Rates on 30 year fixed FHA streamlines have been in the mid to low 3′s in recent weeks. And while FHA streamlines will still exist after the coming change on June 3rd, the FHA rules are less expensive right now than they will be next month.

The Dow has surged to all time highs in the last few weeks on the heels of better than expected news on US jobs as well as encouraging signs from Europe. While a surging stock market is great for investors, it normally leads to higher mortgage interest rates. In this case the pattern only partially held. The Fed continues to go to great lengths to compress mortgage interest rates and those efforts are largely keeping rates from quickly rising. Rates are still holding near all time lows for now, but the efforts of the Fed won’t hold rates down forever.

If you have looked into a refinance in the past, or if your are considering researching a refinance now, we recommend you contact us right away while rates are still near all time lows and while several government-backed refinance programs are still in full swing. While an improved economy is desirable overall, it will also mean a return to the higher interest rates we have traditionally seen over the last four decades. Borrowers who refinance now will enjoy the benefits of record low interest rates even after the economy finally gets fully healthy. Contact us in the form on the right to get more info.

After hitting all time lows last November, mortgage interest rates have been slowly inching higher for about three months since then. That trend higher reversed last week as volatility in the stock market sent investors back into government bonds which in turn pushed mortgage interest rates lower. As we have discussed in the past, the yield on the 10 year T-Note tends to mirror mortgage interest rates. So in general, when government bonds gets more popular with investors, mortgage rates dip.

Of course markets are famously unpredictable so there is no telling if this latest dip in rates will last. So contact us in the sidebar now to get more information on the government-backed programs that are available and perhaps get an estimate.

Prior to the recent state of the union address there was speculation that President Obama might bypass Congress and enact new mortgage relief guidelines through an executive order. The rumored changes, being tentatively called “HARP 3″, were reportedly going to open the benefits of the current HARP programs to borrowers who currently do not qualify for it. But in the speech President Obama gave he made it clear that, initially at least, he would wait to see if Congress could draft and pass legislation to accomplish that goal.

In the current gridlocked environment in Washington it seems unlikely that the House and Senate will be able to agree on any such legislation. It is unclear how long President Obama will wait on this legislation before taking matters into his own hands. Or it is possible that the Obama administration is just bluffing and has no intention of bypassing Congress with a HARP 3.0 program. Only time will tell. But for now we are in a wait and see period when it come to the potential HARP 3.0 program.

In the meantime, there are are several excellent government refinance programs already in full swing. Fill in the contact form on the right to get more info and an estimate.

We might be closer to “HARP 3.0″ than expected. The Obama administration is reportedly considering issuing an executive order that would open the benefits of the HARP program to responsible borrowers who have conventional mortgages that are not currently backed by Fannie Mae or Freddie Mac. If this happens it would open the door for hundreds of thousands of homeowners to refinance to the historically low interest rates we are now seeing. Currently, borrowers who have less than 20% equity in their homes have great difficulty refinancing unless they have an FHA loan, Va loan, or a conventional loan backed by Fannie or Freddie. In cases where they still have some equity this currently undeserved group must add mortgage insurance to the loan and in cases where they have no equity they are out of luck entirely. So an executive order opening the benefits of the HARP program would be huge news.

Contact us in the sidebar to get the more information.

Good news for the stock market is bad news for mortgage interest rates. At least that has been the general rule over the last several weeks. As more investors move money into the surging stock market they are taking money out of bonds, and money leaving bonds tends to lead to higher mortgage interest rates. The trend in mortgage interest rates over the last 8 weeks has been upward, albeit slowly, as the DOW has surged to 5 year highs. But over the last few days the DOW has given back some of its gains and thus bonds and mortgage interest rates are slightly improving again in response.

If you have been considering taking advantage of the near-record-low mortgage interest rates we have been experiencing lately, or if you have considered taking advantage of the government-sponsored mortgage refinance programs that are now available, this is a good week to get started. With any luck the trend upward is over for a little while and mortgage rates will trend back down for the next several weeks. Contact us in the form on the right to learn more about available programs and to get an estimate.

While mortgage interest rates are not breaking new records this week they continue to stay down near record lows.

For FHA streamlines (FHA to FHA refinances) the interest rates have been in the mid to low threes in recent weeks. This can vary based on the age of the current FHA loan though. FHA loans that were started in the spring of 2009 or sooner have a special program that allow for lower costs. Consequently, lower interest rates are common with those loans because less lender credits are needed. For newer FHA loans (FHA loans started summer of ’09 or later) the streamline rates have been in the mid threes as well. In both cases it is common for borrowers’ break even on costs to be immediate so contact us in the sidebar today if you have an FHA loan.

On HARP loans, rates tend to be a bit higher. For significantly underwater homeowners with Fannie-Mae-backed conventional loans, most HARP refinances have been coming in between 3.875% and 4.25% in the last month or so. Part of the reason for this is that Fannie and Freddie recently raised their fees in order to remain solvent as companies. For borrowers with Fannie Mae loans who are not upside down on their first mortgage rates are better though. If you have a conventional loan see here to find out if Fannie or Freddie have backed your loan. If you do have a loan backed by Fannie or Freddie, contact us to get more info on the HARP program.

For folks with VA mortgages or with conventional loans that are not backed by Fannie Mae or Freddie Mac, rates are very low as well. VA rates tend to be very close to FHA rates and the VA-to-VA streamline program is even easier than the FHA streamline program. Rates on conventional loans where there is enough equity in the home tend to be better than HARP loan rates. Contact us in the form on the right to learn more about those programs as well.

As we discussed in our last post, the FHA is making some changes to its mortgage insurance guidelines to bolster its reserves. The details and dates of those changes are available in a new FHA mortgagee letter found here.

The first change is a small increase in the monthly mortgage insurance fees. That increase will take affect for any FHA case number that is requested on or after April 1, 2013. Any FHA application that is started prior to that date will be able to avoid that small fee increase. Further, people who have FHA loans that were started and endorsed by the FHA prior to May of 2009 will be exempt from the increase when they are streamlining to a new FHA loan.

The second change is for all FHA case numbers requested on or after June 3, 2013. After that date the monthly FHA mortgage insurance will last for the life of the loan in most cases. Currently the monthly FHA MIP can be dropped after 5 years if there is 22% equity in the home.

If you have an FHA loan (or know someone who does) contact us in the sidebar to get more info on an FHA streamline right away. While these changes won’t make FHA streamlines useless, it will be better for most borrowers to streamline before the new changes kick in.

Today the FHA announced planned changes that will increase the costs of FHA loans going forward. First, the monthly mortgage insurance premium on new FHA loans will increase once again. The plan is to raise the annual MIP by 0.10%. Second, as we previously reported, the FHA will begin requiring their monthly mortgage insurance premium to continue for the life of the loan. Currently FHA monthly MIP payments can be dropped after five years when more than 22% equity is reached in the home. When these changes are implemented that will no longer be the case for all new FHA loans.

The FHA will give official guidance on the timing of these changes in the next few days. But we know already that anyone with an FHA loan should contact us immediately to look into an FHA streamline to a lower interest rate while rates are still near all time lows and before these new costs are implemented.

In his first term, President Obama went to great lengths to try to help the ailing housing market recover by sponsoring or supporting several government refinance assistance programs. The primary refinance program of the Obama administration, the Home Affordable Refinance Program or HARP program, has proven to be a great success after a rocky start. Other programs, such as the FHA streamline program and the VA IRRRL program, have also been very successful over the last four years. In addition, the efforts of the Federal Reserve to keep interest rates low have allowed millions of Americans to refinance to record low rates over the last four years.

While there are not a lot of new government refinance programs on the immediate horizon, it is not too late to take advantage of the record low interest rates and current programs. With President Obama still at the helm the current refinance programs are unlikely being shut down any time soon.

However the clock is ticking on these record low interest rates. Most pundits are predicting that interest rates will be rising over the next 12 months and it is not unlikely that rates will continue rising over the next several years. So if you would like to take advantage of the government sponsored refinance programs and historically low rates available contact us now in the sidebar. There may never be a better time than now.

We have spent a lot of time writing about FHA to FHA streamlines here in the past but there is also a streamline program for borrowers who currently have VA loans. The program is officially called the IRRRL program and it is very much like the FHA to FHA streamline program. Borrowers who have VA loans now can trade their current VA loan in for a new VA loan at a lower rate. With interest rates on VA loans hovering near all time lows lately now is a great time to get a VA IRRRL/streamline.

The advantage of this VA streamline program is that borrowers who have even average credit or better do not need to prove their income levels or assets to qualify. Further, the IRRRL program works no matter how underwater the VA mortgage is right now. There is normally a 0.5% VA funding fee rolled into the new loan for VA IRRRL loans, but that funding fee is waived entirely for disabled veterans. If you have a VA mortgage, contact us in the sidebar right away to learn more about this VA-to-VA streamline, or IRRRL, program.

The FHA streamline program is not new. FHA streamlines are refinances from one FHA loan to a better FHA loan. They are called streamlines because the process is streamlined; no appraisal required, no income verification required, no asset verification required. The primary requirements are that the borrower has decent credit and no 30 day mortgage payments in the last 12 months. The FHA knows that they are already co-signed on current FHA loans so their attitude is that if Jane Public can afford her FHA loan at, say a 4.5% rate, Jane can afford it even more easily at a 3.5% rate or lower.

For FHA loans that were started after April of 2009 the monthly mortgage insurance payment normally increases with a streamline. (Not so with FHA loans older than that.) But in most cases, the monthly savings from the lowered interest rate is so high that the overall payment still drops pretty significantly even with the higher PMI. The other benefit of streamlines is that in most cases borrowers skip at least one payment and get a refund for everything in their current escrow account which means borrowers normally break even on any FHA fees added to the loan on day one.

The other good news (for now) is that the FHA monthly mortgage insurance can drop off entirely after 5 years. The current FHA rule is that FHA/HUD mortgage insurance is due on the loan for at least 5 years. However, when the 5 years is up if the loan balance drops to 78% of the appraised value of the home on record with the FHA the monthly MI will drop off entirely. For instance, if the home were appraised at $200,000 in 2008 when the home was purchased with an FHA loan, that is the value on record with the FHA even for families who streamline now. This is important because there are rumors that the FHA might soon change the 5 year, 78% rule and make the monthly MI last for the life of the loan.

So if you have an FHA loan, contact us in the form on the sidebar now. Rates are still hovering near all time lows and the rules for streamlines are extremely borrower-friendly still.