About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under FHA streamlines, Upside Down (Underwater) Mortgage Programs

The new FHA streamline program for borrowers who currently have FHA loans more than three years old is starting in just a few weeks. As we have noted in the past, this new program is dramatically more beneficial to borrowers than the previous FHA streamline program because the upfront FHA fee will be waived and the monthly FHA mortgage insurance will no longer be doubling.

As if the launch of this new FHA program weren’t enough good news, add to that the fact that mortgage interest rates on FHA loans are testing all time lows recently. We are hearing of qualified borrowers with excellent credit locking in rates as low as 3.75% on new 30 year fixed FHA loans this week in anticipation of closing in mid June after the new program launches. (Note: rates on FHA loans are lower than rates on HARP loans right now.) If you know of anyone with an FHA mortgage that they got prior to May of 2009 — no matter how upside down/underwater it may be — have them contact us in the sidebar right away. We don’t anticipate this current dip in mortgage interest rates will last long.

Comments (0) Posted by G.R.A. Admin on Saturday, May 19th, 2012

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