FHA Numbers to Remember: Here is the White House Post on FHA Streamlined Refis
By Dave Woodland, Your Bend, OR Friendly, Knowledgable Mortgage Professional
(Signet Mortgage)
BELOW IS THE DATA SHEET RIGHT FROM THE WHITE HOUSE: KEY POINT: APPLIES TO REFINANCES OF LOANS ORIGINATED BEFORE 6/1/2009. KEY FHA NUMBERS TO REMEMBER: (assuming 96.5% loan) Upfront MI: Was: 1.0% Will be 1.75%, but STREAMLINED ONLY 0.1% !!!Annual MI: Was: 1.15% Will be 1.25%, but STEAMLINED ONLY 0.55% !!! Now from the White House: Reducing Fees for FHA Borrowers Seeking to Refinance – Saving Homeowners Hundreds of Dollars A Year The FHA offers a streamlined refinancing program to allow borrowers with FHA-backed mortgages to refinance their loans at lower cost and with fewer burdens. This program has helped hundreds of thousands of families refinance, but lender reticence and fees have kept many families from participating. Today, the President is announcing new steps to increase t...
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