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| SURF's up for FHA refinance |
U.S.
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
WASHINGTON, DC
20410-8000
ASSISTANT SECRETARY
FOR HOUSING FEDERAL
HOUSING COMMISSIONER annouced today cheaper MIP premiums coupled with lower
interest rates can save you on your monthly payments
January 9, 2015
To: All
Approved Mortgagees
GREAT GOOD NEWS ABOUT
FHA MIP REDUCTION
Reduction of Federal
Housing Administration (FHA) annual Mortgage
Insurance Premium
(MIP) rates and Temporary Case Cancellation Authority
This Mortgagee Letter
(ML) communicates lower annual MIP rates for FHA
Title II forward
mortgages and provides opportunity for cancellation of
existing case numbers
in order to utilize the MIP rates contained in the ML.
Background
Pursuant to its statutory mandate, FHA continuously strives to
achieve the
appropriate balance
between meeting the housing needs of the borrowers
FHA’s mortgage
insurance programs were created to serve and minimizing
the level of risk
undertaken relative to the insurance of those mortgages.
FHA has determined
that the appropriate balance of its statutory operational
goals now requires a
reduction of the rate of annual MIP charged pursuant to
Section 203(c)(2)(B)
of the National Housing Act (NHA). As provided in
this ML, the total
annual MIP charged pursuant to sections 203(c)(2)(B) and
(C) for most Title II
Single Family forward mortgages has been revised as
provided in this ML.
Effective
Date This ML is effective for case numbers assigned on or after
January 26,
2015.Affected
Topic This ML reduces the rate for annual MIP for all Title II forward
mortgages,
with terms greater
than 15 years, except;
single family forward
streamline refinance transactions that are
refinancing existing
FHA loans that were endorsed on or before May
31, 2009; (before the
rates were lower)
Section 247 mortgages
(Hawaiian Homelands)
This ML supersedes
the annual MIP rates established in ML 2013-4. All
other sections of ML
2013-4 remain in effect.
STREAMLINE FHA
REFINANCE
IF YOUR LOAN WAS CLOSED
AFTER May 31 2009
INTEREST RATES ARE
LOWER
AND MIP REFUND/ lower premium
Call to see if you
can
take advantage of this today
(949) 784-9699
______________________________________________________________
The following table
shows the existing and the new annual MIP rates by
amortization term,
base loan amount and Loan to Value (LTV) ratio. All
New
MIP amounts set forth in this table are effective for case numbers
assigned
on or after January 26, 2015.
Term
> 15 Years
Base
Loan Amt. LTV Previous MIP New MIP
≤ $625,500 ≤ 95.00% 130
bps 80 bps
≤ $625,500 >
95.00% 135 bps 85 bps
> $625,500 ≤ 95.00%
150 bps 100 bps
> $625,500 >
95.00% 155 bps 105 bps
Term
≤ 15 Years
≤ $625,500 ≤ 90.00% 45
bps 45 bps
≤ $625,500 >
90.00% 70 bps 70 bps
> $625,500 ≤ 90.00%
70 bps 70 bps
> $625,500 >
90.00% 95 bps 95 bps
Case
CALL NOW to refinance and save money (949) 784-9699
rates can touch the 3%' s now if your FICO is high
APR 3.99 for conforming FHA with middle FICO of 700
Take advantage of this drop now with cheap rates and
lower MIP
http://eaglehomemortgage.com/carolinegerardo/
Cancellation
To allow mortgagees
to obtain the reduced annual MIP rates contained in this
ML for loans in
process with active FHA Case Numbers ie: loans not funded,
FHA will temporarily approve
cancellation requests for active FHA Case Numbers
within 30 days of the
effective date of this ML.
FHA will provide
operational details on case cancellations through FHA Info
notifications and on
FHA’s lender information page available at
www.hud.gov/lenders.
