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lowering my CURRENT fha mortgage insurance possible?

i already have a loan with fha and ive just heard theyre lowing the payment requirements on the insurance. is it possible to alter my payment now? i am current on my mortgage, 12% ltv, have had no default. crossing my fingners that this opportunity extends to me. by ferris19084500 from Salt Lake City, Utah. Feb 26th 2015 Reply


Yes on JAN 26th FHA dropped the MI by .50%. If you got your loan before Jun 2013 it may not make since, because now the MIP stays for the life of the loan. Feel free to contact me and we could discuss your options. Brandon 435-668-5494

Feb 26th 2015
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 562 contributions

Yes... they did lower the insurance by almost 40%. And you should definitely check out refinancing and lowering your monthly payment. With an FHA loan you can do a streamline that requires no appraisal and for most people no income qualifying. Give me a call. I'm in Salt Lake. 801.550.1222. Linda Miller. linda@lindamillergroup.com

Feb 26th 2015
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Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 226 contributions

Yes, that was lowered by .5% for the annual factor. This would apply to either a Streamline Refinance or a Full Qualifying Refinance. It does depend on when you took out your loan if it makes sense for you. If you're saying you have a 12% LTV, then any mortgage insurance you had should have dropped off, if you obtained that before 2013 when some rules changed. If nothing else, at 12% LTV, you could look at a conventional loan. You'll likely qualify for something better, but it all depends on all your loan details and needs. Give me a call at 801-918-9385. I'd be happy to walk you through your options.

Feb 26th 2015
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Ron Pippin (RonPippin)
#26 ranked lender in Utah - 157 contributions

Absolutely will work for you. My office is in Salt Lake. Call me and we will run the numbers to make sure this works in your favor. 801-628-7667. Ron Pippin "Utah's Mortgage Expert for 21 years"

Feb 26th 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

May not be the best move.

Feb 26th 2015
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Dana Anghel (dana@utloanofficer.com)
#88 ranked lender in Utah - 50 contributions

The FHA mortgage insurance drop is valid for all new FHA loans. This means that you will have to refinance your current FHA loan into a new one. The new annual FHA mortgage insurance will be 0.8% of your loan amount if the loan to value is lower than 95% (I'm assuming you meant that you have 12% equity in your home). Divide that by 12 months and you will find out what your new monthly FHA mortgage insurance will be. BUT. If you loan was endorsed by the FHA after May 31st 2009, when you refinance you will need to pay the up front FHA insurance premium AGAIN. This is 1.75% of the loan amount, and it might be the deal breaker for you. You can do a streamline refinance without an appraisal or income qualification, and right now your interest rate would be a little under 4%, with no costs at closing. If your rate is higher than that, it is worth looking into it. As mentioned in another comment, you should also look into refinancing into a conventional loan. If you have good credit, the private mortgage insurance can be removed when you have 20% equity in the home, and it shouldn't be too expensive. Feel free to contact me if you need help running the numbers. dana@utloanofficer.com / 801-473-3154. My office is in South Jordan

Feb 26th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

The new lower FHA mortgage insurance is not something your get automatically. You will need to do a complete new loan to take advantage of the lower mortgage insurance. Most people do what is known as an FHA Streamline Refinance. No appraisal needed, and reduced documentation. For homes in MN, WI, and SD - visit http://streamline-refinance-mn.com

Feb 27th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

As others have said, to get the lower insurance payment you would have to refinance either to a new FHA loan with lower costs or possibly a conventional loan if an appraisal were ordered and you have that much equity. However, the cost involved needs to make sense to make sure there is enough savings to justify the new loan.

Feb 27th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

With 12% LTV, your better off refinancing into a conventional loan where you wont be required to pay MI at all.. But that's assuming you can actually benefit from refinancing.. it's possible that if you have a very low loan amount that it wouldn't be beneficial to refinance, since the costs to refinance compared to your monthly savings might not be enough to make it worth doing.. Also, if your FHA loan is old enough, like more than 5 years old, then you can cancel your MI without having to refinance... it's only FHA loans originated within the past 2 years that the MI is for the life of the loan.. to find out exactly what can be done in your scenario, you should contact a local mortgage broker and let him look at your complete loan scenario.. once he sees the full picture, he can advise you properly and give you some side by side comparisons so you can make an educated decision.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 27th 2015
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Victor Emmel (victoremmel)
#92 ranked lender in Utah - 20 contributions

You heard right, FHA mortgage insurance went down. You can take advantage of an FHA streamlines refinance to lower the mortgage insurance and interest rate with possibly no closing costs. This program doesn't require income verification or an appraisalIf you would like to discuss your current situation to see if it would make sense, feel free to contact me at 801-819-5901.

Feb 26th 2015
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Victor Emmel (victoremmel)
#92 ranked lender in Utah - 20 contributions

Your heard right. You can lower your mortgage insurance and interest rate with no appraisal and no closing costs with the FHA streamline refinance program.Feel free to contact me for more info.

Feb 26th 2015
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