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Do you have a FHA mortgage loan? On June 11, 2012, the FHA made changes to their Streamline Refinancing! This could be huge for FHA homeowners. Whether you want to lower your mortgage payments or need a little extra cash for unexpected expenses, you need to check out these changes. The FHA Streamline Refinancing loan program is available in two different types:
The FHA has lowered its Upfront Mortgage Insurance Premium or PMI for certain FHA borrowers with a drop to just .01 percent. Here are a few rules that you need to remember.
By refinancing through this streamlined process, it is estimated that the average qualified FHA-insured borrower will save approximately $ 3000.00 a year or $ 250.00 a month. The Federal government wants to help responsible homeowners to lower their payments and be able to stay in their homes.
The FHA Streamline Refinance changed it’s guidelines, so very little is required to qualify especially with the non-credit qualifying streamline loan.
The FHA is trying to make a real difference to help homeowners who are doing the right thing. By reducing mortgage costs to the borrowers , they will have lower monthly payments and reduce their debt burden. It is a win-win situation.
We at LoanexFastCash.com would love to have the opportunity to help you with your FHA Refinancing. By possibly lowering your interest rate and cutting your FHA PMI Premium, you can be on your way to a lower mortgage payment. Would you like to feel a little financial freedom ? Contact us today at Loanstore.com