I thought I would share this great information with all of you who may own a home and you have an FHA Loan on it. Joe Petrowsky of Manchester, Ct worte the blog post below about how many homeowners across America have submitted for an FHA Streamline Refinance.
As you will see in his post, he notes that people are learning they can save upwards of $300+ dollars a month. What could you do with that extra money?
Locally you can call Markita Aldridge Woods at WestStar Mortgage. We call her the Queen of
Mortgages around here, because she is a senior loan officer who not only knows mortgages programs inside out and backwards, she can help you attain your goal.
Apply today with Markita Fill Out This Form
“FHA Streamline Refinance, a No Brainer”
Actually, the word streamline, when it comes to FHA, has 3 different meanings.
We are constantly doing the FHA 203 K streamline product, which allow up to $35,000 in renovations to be done as part of a purchase or refinance. Wonderful option when renovations are needed, most of the time we use the product when someone is purchasing a home, that needs work. So many have been able to take advantage of outstanding buys.
There are two additional streamline refinance products. The first is for mortgages done prior to June 2009 and a different one for loans closed after that date. Most require no appraisal, the mortgage insurance premiums are different and so is the monthly mortgage insurance.
I did two streamline refinances yesterday, that were both originally done prior to 2009. One had a monthly savings of $305 and the other $361. That is some serious savings, which help each family and our economy.
On Fire: FHA Streamline Refi Applications
By: Brian Collins
Streamline refinancing applications have more than doubled since the Federal Housing Administration opened a special program on June 11 for existing FHA borrowers who had not refinanced since May 2009.
“We saw more than 80,000 applications in just the first month,” Housing and Urban Development secretary Shaun Donovan said during a visit to Ohio this week.
HUD previously reported that FHA received 51,000 streamline applications during the first 10 days of the new program.
In the months preceding the launch of the special streamline program, FHA was receiving 33,000 to 47,000 applications. In May, streamline refinance applications fell to 17,000 in anticipation of the June 11 launch date.
Announced by President Obama in early February, the special program is designed to give existing FHA borrowers who are still current (on loans originated at least three years ago) a chance to refinance at today’s historically low interest rates.
FHA is only charging an upfront fee of 1 basis point and a 50 bp annual premium under the special refi program. The standard FHA rate is 175 bps for the upfront fee and 125 bps for the annual premium.
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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