To sweeten the deal, the FHA has slashed its regular insurance premium charges for qualified streamline applicants. Take this hypothetical example provided by Paul Skeens, president of Colonial.
There is a catch. One potential downside to an FHA streamline refinance: You’ll pay a fresh upfront mortgage-insurance premium and continue shelling out monthly premium payments.. In an FHA.
Chart: FHA Annual Mortgage Insurance Premiums (MIP) for 2018. The upfront MIP is generally the same for most borrowers, across the board. The annual MIP varies based on several factors, including the amount being borrowed and the loan-to-value (LTV) ratio. The upfront premium is pretty straightforward.
FHA-endorsed mortgage on or before May 31, 2009 hawaiian home lands (Section 247) Indian Lands (Section 248) Indian Lands (Section 248) do not require a UFMIP. Annual Mortgage Insurance Premium (MIP) Applies to all mortgages except: Streamline Refinance and Simple Refinance mortgages used to refinance a previous FHA endorsed mortgage on or before May 31, 2009
The mortgage insurance payments are taken into consideration when calculating the net tangible benefit of going through an FHA streamline refinance. The new principal, interest and insurance payments must at least be 5% or greater in order to satisfy the tangible benefit clause required for all FHA streamline refinances.
One potential downside to an FHA streamline refinance: You’ll pay a fresh upfront mortgage-insurance premium and continue shelling out monthly premium payments. In an FHA streamline refinance, you can.
An FHA streamline refinance makes it easy to refinance your mortgage to a lower mortgage rate without the need for an appraisal, many of which happen to come in low these days. In fact, if an appraisal is conducted and it’s not favorable, the FHA will even allow lenders to ignore it and set it aside.
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Informed borrowers with healthy credit can refinance into a conventional loan and remove monthly mortgage insurance, even with little equity. But even those with minimal equity and not-so-healthy.
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The FHA Mortgage Insurance Premium or "MIP", is an insurance policy paid by the borrower to protect the lender from losses in the event the loan defaults. There is an upfront insurance premium of 1.75% of the loan amount, and then a monthly premium for the life of the loan.