FHA Streamline Refinances have seen a MAJOR change this month (June 2012) that will allow homeowners to save even more money. The changes all surround the FHA required mortgage insurance, both the Up Front Mortgage Insurance Premium (UFMIP) and the monthly Mortgage Insurance Premium (MIP) will be lowered for Streamline Refinances.
Ohio FHA Streamline Refinance Changes
effective with FHA Case Numbers assigned on or after June 11, 2012 and for current FHA loans that were endorsed on or before May 31, 2009
Up Front Mortgage Insurance Premium (UFMIP) will be reduced to 0.01% (currently 1.75% for new FHA mortgages)
Monthly Mortgage Insurance Premiums (MIP) will be reduced to 0.55% (currently 1.20-1.25% for new FHA mortgages)
In order to check when your current FHA mortgage was endorsed, you can call HUD at 800-697-6967, 8:30 a.m. to 8:30 p.m. Eastern Standard Time, Monday through Friday.
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