Arizona  FHA Streamline Refinance.info 

At the moment, most borrowers with $200,000 FHA loans pay 1.35% of the loan balance in annual MIP costs ($2700/year, or $225/mo). When MIP rates drop (for case numbers issued 1/26/2015 or after), their new cost will be $1700/yr, or $141.67/mn.  Saving $84/mo in MIP is significant, but doesn't happen automatically.

 

FHA borrowers who want the lower MIP costs will need to do a streamline refinance.  

 

The best news of all?  With current rates near the lows of 2013, most borrowers will also lower their interest rates while streamlining.  If that same $200,000 borrower goes from 4.5%, to 3.75%, they will save an additional $70.00 or more per month!

 

Fortunately, the requirements for a streamline are minimal:  at least 6 payment made on the current loan; no more than 1 payment 30 days late in the past year, and none in the past 6 months; a credit score that meets lender requirements (which range from 580 to 660); and a verifiable source of income.  FHA doesn't require lenders to assess income on streamline loans.  Anyone turned down for a streamline due to insufficient income or credit score should give me a call.  There's still no appraisal required, which lowers costs and removes concerns over homes' value.

 

HUD's upfront MIP charge of 1.75% does apply on streamlines, but can be added to the loan balance.  Borrowers who closed on their existing loan in the past 36 months also get partial refunds of their previous Up front Mortgage Insurance Premium, which helps offset the new cost.  Typical closing costs apply as well, but can be added to the loan amount as a no cost refiinance loan, higher rates will apply and are often paid by the lender.

 

To recieve a no cost, no obligation quote on how much you can save call 480-326-9858 or apply online at http://www.LowerMyPayments.info