FHA STREAMINE REFINANCE PROGRAM
FHA recently announced new guidelines which drastically lower the cost of mortgage insurance enabling FHA borrowers to save hundreds of dollars monthly with limited documentation.
This program requires NO appraisal, so the value of your home is never an issue. This is a golden opportunity for those whose loan balance exceeds the price of their home.
Your income and assets do not need to be verified, so qualifying is easy. You must have no more than one 30 day late payment on your mortgage over the last 12 months.
Innovative Mortgage now offers this program with NO closing costs on loans exceeding $140,000 and the majority of your closing costs on smaller loans. Your present loan must have closed before June 1st, 2009 to qualify for this program.
The one caveat that you should be aware of is that the new loan amount cannot exceed the payoff on your existing mortgage. In some cases, you may have to bring funds to closing to deposit in your new escrow account, but you will also receive a refund of your existing escrow account (taxes & homeowner’s insurance) from your present lender. The loan can also be structured so that no cash outlay is necessary. You will also be able to skip at least one payment, sometimes two, before the 1st payment on your new loan is due.
Besides the benefit of a lower interest rate,another HUGE benefit is that the FHA upfront mortgage insurance premium has been reduced from 1.75% to 0.01%. With a $150,000 loan amount, the old fee was $2625 and the new fee is only $15.00.
This new program is available for a limited time, so it’s in your best interests to apply now! We are now processing FHA streamline refinances for borrowers in Tampa - St. Petersburg, Clearwater, Sarasota, Miami, Orlando, Jacksonville, Fort Myers and all of Florida as well as Ohio, Indiana and Kentucky.
*plus taxes and insurance