Some mortgage products, such as the FHA’s streamline. There are other factors that push up the cost of refinancing. For example, if you have less than 20 percent equity in your home, you may have.
fha streamline refinance mortgage insurance requirements Because the FHA Streamline Refinance program is an FHA-insured mortgage, meaning the FHA will pay the loan if the homeowner defaults, homeowners are required to carry mortgage insurance on this loan, just as they did under the original mortgage.
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As you know, FHA insures private lenders against borrower defaults on mortgages that meet FHA criteria. FHA has helped millions of families purchase homes through its single-family mortgage insurance.
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FHA Streamline MIP For Loans Endorsed On/After June 1, 2009 If you are refinancing an FHA mortgage via the FHA Streamline Refinance program and your existing FHA mortgage was endorsed on, or after, June 1, 2009, your mortgage insurance premium schedule on your new FHA loan is as follows.
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Can factor in late fees and escrow shortages Can factor in allowable costs including borrower-paid costs associated with new mortgage and borrower-paid repairs required by appraisal Reduced MIP cost (same MIP schedule as streamline): o Case numbers assigned before 05/31/09 are eligible for reduced MIP of .50
What is an FHA Mortgage Insurance Premium? MIP is short for Mortgage insurance premiums. The federal housing administration requires all FHA mortgages to have MIP regardless of how much money is used as a down payment. FHA MIP is an insurance policy for your mortgage loan incase you ever default on the loan.
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."
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FHA Mortgage Insurance Premium Refund Fast Facts. Here’s a few good things to know about FHA MIP refunds: When doing an FHA to FHA refinance, your refund will be applied to the upfront mortgage insurance premium on the new loan. MIP refunds are available for an FHA streamline refinance after the 7-month waiting period required for these loans.
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