FHA Streamline Mortgage Insurance: MIP and mip refunds december 13, 2010 By Justin McHood When someone wants to get an FHA loan, they are going to have to pay mortgage insurance – both in the form of "up front mortgage insurance" (UFMIP) and monthly mortgage insurance (MI).
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FHA Up Front Mortgage Insurance Premiums (UFMIP) In this message, the FHA states, "For all S (ingle) F (amily) Forward Streamline Refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MIP will be 55 basis points, regardless of the base loan amount.". As stated previously,
The FHA streamline refinance is a great way for current FHA homeowners to lower their interest rate and monthly payment. And, with lenient credit standards and documentation requirements it can be the fastest and most cost effective options to refinance an FHA loan.
Justin McHood, Author at FHA Streamline – If you are applying for the FHA streamline refinance within 36 months of obtaining the original FHA loan, you will receive an upfront MIP refund from your original loan. This amount gets subtracted from your loan amount as it is a credit towards your new loan.
required credit score for home loan mortgage payoff when selling a house no money down mortgages 2016 usda guarantee Fee 2018 Stays Low to Help Homebuyers With. – No money down required. Seller may pay up to 6% of the purchase price towards buyer costs. usda streamline refinance available. Liberal income requirements. lenient credit guidelines. So contact one of our loan officers to see if USDA or another mortgage product is right for you.