New FHA Streamline Refinance Changes To Help Tucson Homeowners


 

By Joseph Small


Tucson FHA Streamline Loan. This good be great news for Tucson homeowners with an FHA home loan mortgage. The Federal Government wants to help out the millions of responsible homeowners by allowing them to refinance into a lower mortgage interest rate. On average, this should save the typical responsible homeowner an estimated $3,000 a year. With the Home Afford Refinance Program or HARP 2 Refinance Loan well underway, it was time to address those that do not have a loan owned by Fannie Mae or Freddie Mac (a conventional loan).

The Federal Housing Administration now wants to jump in and help more responsible homeowner’s by allowing them to refinance their current FHA home loan to take advantage of today’s historically low mortgage interest rates.

On June 11, 2012, FHA will lower its FHA upfront mortgage insurance premium or UFMIP for certain FHA refinance loans to a whopping .01 percent. This is HUGE! If you were one of the millions that tried to do an FHA streamline loan in the past… only to find out that the mortgage rate was lower, but the payment wasn’t because of the recent increases to the UFMIP and monthly mortgage insurance or MI, then this might be great news for you.

There are a few qualifying factors that you should be aware of:
1. You must have an FHA mortgage.
2. You must be current with the FHA mortgage payments.
3. And most importantly, your FHA mortgage must have been endorsed prior to May 31, 2009.
(check with us if you are not sure on this)

Please contact us to get started today. (520) 303-5620. We are Tucson’s FHA home loan experts!
Apply Now


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Joseph Small and his team at Guild Mortgage Company helps Tucson Homeowners with all their FHA refinance loan needs.

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2 Responses to “New FHA Streamline Refinance Changes To Help Tucson Homeowners”

  1. John Says:

    Thank you for the great information on FHA refinancing. I live in Tucson and purchased my home in January 2009 with an FHA home loan. I think I qualify for this program, but what is endorsed mean?

     
  2. Joseph Small Says:

    Thank you for viewing our blog. It sounds like you meet the new criteria for the New FHA streamline refinance loan. The FHA endorses your loan after you close. Basically what that means is that they insure it. If you bought in 01/2009, then chances are great that they have endorsed it before the May 31, 2009 cut-off. Give our office a call and we can check on this for you.

     

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