On March 6, 2012, FHA announced a decrease to the Upfront and Annual Mortgage Insurance Premiums on certain streamline refinance transactions. This will make the prospect of an FHA refinance much more attractive, as homeowners will no longer be subject to the higher premiums in place today. FHA estimates that, as a result of this decrease, some borrowers may be able to save as much as $3,000 a year.
There are two important dates to keep in mind:
- This initiative applies to FHA borrowers who secured a loan on or before May 31, 2009
- This initiative is effective for loans that will be originated on or after June 11, 2012
This is an incredible opportunity that can provide significant savings. Give me a call or contact me now, if you would like more information or to see if you can benefit. I’m always happy to answer any questions you may have!
Sierra Pacific Mortgage