In early April of 2012 the FHA will be dramatically increasing their upfront and monthly mortgage insurance premiums. These increases will affect all new FHA purchase loans, conventional-to-FHA refinances, and refinances from one FHA loan to another FHA loan (called FHA streamlines) when the current FHA loan is less than three years old. If you have an FHA loan that you got after April of 2009 contact us right away in the sidebar to look into dramatically reducing your interest rate through the FHA streamline program before the new higher fees kick in. After April 9, 2012 it will be virtually impossible to streamline an FHA loans that is less than three years old.
For FHA loans that are more than three years old there is a new program that was just announced that is extremely beneficial. It allows FHA streamlines of those older FHA loans at virtually no costs and without increasing mortgage insurance fees. While the April 9 deadline on FHA streamlines does not apply to FHA loans that are from April of 2009 or older, contact us in the sidebar if you have one of these older FHA loans as well to learn more about that terrific new program that was just announced.