President Obama had some terrific news this morning pertaining to Americans who currently have FHA loans. FHA loans that were originated prior to June of 2009 will now be allowed to streamline to a much lower interest rates WITHOUT adding a large upfront FHA mortgage insurance fee and without increasing the monthly mortgage insurance fee. This means that streamlining your FHA loan should be an absolute no-brainer if you are in that pre-June-09 category. Contact us in the sidebar now to learn more about this new FHA streamline program.
For FHA loans originated after May 2009 the options are more limited and the clock appears to be ticking. The FHA is planning on significantly increasing its mortgage insurance fees on all FHA loans originated after April 9, 2012. So if you have an FHA loan at a rate of 5% or higher that you got after May of 2009 contact us in the sidebar ASAP as well to see if you can streamline to a better rate before the pending FHA mip rate increase this April.
Note: If you don’t have an FHA loan there are programs available for borrowers with conventional loans or VA loans as well.