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1/12/2015

FHA CHEAPER Streamline Refinance for Cheaper payment




FHA Reduces Single Family 

Annual Mortgage Insurance Premium 

(MIP) 

Rates for 

Most Title II Forward Mortgages

1/12/2015  Federal Housing Administration (FHA) published 

 Reduction of FHA Annual MIP Rates and Temporary Case Cancellation Authority.
 This Mortgagee Letter implements the 50 basis point (0.50%)
 reduction in FHA’s annual Mortgage Insurance Premium (annual MIP) rates for
 most Single Family Title II forward mortgages 
announced by the President Obama on January 8, 2015. 
 This rate reduction furthers the Administration’s and FHA’s 
ongoing goal to prudently expand access to 
mortgage credit for individuals and families across a range of incomes.























SAVE THOUSANDS OF DOLLARS
1/22/2015 FICO 700 30 year
rate 3.875% APR 3.989
costs for a $400000. loan :
streamline no appraisal
Escrow $510 title $510 recording $110
Underwriting and processing $1295
plus prepaid interest, taxes if due and
hazard if due
NEW MIP is lower RATE is lower
Call for a free quote - you might even
be able to go conventional.



SAVE MONEY


LOWER your monthly


payments!



Call me


(949) 637-8190

30 year rates in the 3's

15 year rates in the 2's

Rates change daily
http://eaglehomemortgage.com/carolinegerardo/

The annual MIP rate reduction is effective for FHA
Case Numbers assigned on and after January 26, 2015
for most Title II forward mortgages with amortization
terms greater than 15 years.


Today’s Mortgagee Letter includes a table which shows
the current and new annual MIP rates by amortization term,
base loan amount, and loan-to-value ratio.
The rate reductions have also been incorporated into FHA’s
Mortgage Insurance Premiums table for forward mortgages.
This updated Mortgage Insurance Premiums
table will be integrated into FHA’s
Single Family Housing Policy Handbook (HUD Handbook 4000.1)
 at the next available update.
Temporary Case Cancellation Authority
FHA will temporarily approve Case Number Cancellation Requests for loans with FHA Case Numbers assigned but not yet closed, to allow mortgagees to obtain the reduced annual MIP rates. Mortgagees must submit Case Number Cancellation Requests under this temporary authority using the submission instructions specific to this temporary authority posted today on FHA’s Case Processing Requirements web page.
Mortgagees may begin requesting Case Number cancellations on January 15, 2015, but must submit all Case Number Cancellation Requests under this temporary authority by 11:59 p.m., Eastern, on February 26, 2015. Mortgagees should not order new Case Numbers under this temporary authority until they have confirmed in FHA Connection that the previous Case Number has been cancelled.


What does this mean?
REFINANCE STREAMLINE ANY FHA loan 
started after the MI rates jumped in 2009
Save money monthly on your MIP premium also
mortgage rates are much lower. Reduce your monthly
payment by refinancing sometimes without an appraisal


Call me even if you already
streamlined you may be able to
refi free for lower monthly payment
Loans in process at a bank?
Cancel and come over to lock at today's rates


old MIP rates
assigned on or after January 26, 2015.
Term 15 Years
New MIP
80b s
85b s 100b s
105b s
45b s
70b s
70b
95b s
Base Loan Amt. $625,500
$625,500

LTV
95.00%

Previous MIP
130b s 135b s
150b s
155b s
Term 15 Years
90.00%

45b s 70b s
70b s 95


NMLS #324982

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