Effective January 26, 2015 FHA will lower the annual (paid monthly) Mortgage Insurance Premium (MIP) from 1.35% to 0.85% on FHA loans. The savings is approximately 37% on the MIP that is paid each month with the mortgage loan. If you’re thinking about purchasing a home and are planning to use FHA financing – now… [Read More]
An FHA Streamline Refinance allows existing home owners with an FHA loan to refinance without an appraisal, asset and income documentation…thus “Streamline Refinance.” A credit report with mortgage payment history only, is required. There are other benefits as well. The whole idea behind a Streamline Refinance is to allow an FHA borrower to take advantage… [Read More]
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