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When do the new FHA premiums go into effect?

We were told that mortgages will be cheaper shortly here. Is that ture? by sharon_gloathe650 from Mission Hills, California. Jan 26th 2015 Reply


Leigh McMahon (leigh@uamco.com)
#987 ranked lender in California - 6 contributions

They went into effect today the 26th and Yes, the Mortgage Insurance Rate has dropped a half of a percent. Feel free to reach me to go over your Goals and answer any additional questions.

Jan 26th 2015
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Esta Hoffman (esta@estaglen.com)
#306 ranked lender in California - 30 contributions

TODAY! It is true - in many cases, a streamline FHA, if it is a refinance you are looking for require no additional re-qualification, no appraisal. If it is a purchase, this will increase your buying power, or simply lower the payment on the purchase price you have chosen. I would love to assist you! you can contact me at 707 328-2864 or esta.hoffman@mwfinc.com

Jan 26th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

Today!

Jan 26th 2015
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Steve McCoole (loanman619@gmail.com)
#962 ranked lender in California - 20 contributions

As mentioned on FHA cases numbers issued after today, the monthly MI is lowered by .5% in most cases. Keep in mind though, that even on a streamline refi, the FHA charges up front mortgage insurance also.I can structure your streamline refi so that the lender pays the upfront MI and you avoid having thousands of extra dollars for upfront MI added to the loan balance that you owe.

Jan 26th 2015
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Sara Deere (SARAinMO)
#1 ranked lender in Kansas - 504 contributions

Today! I also agree with the other previous responses to your question.

Jan 26th 2015
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David Schwartz (davids)
#482 ranked lender in California - 24 contributions

The lower MMI went into effect TODAY. The average Homeowner with an fha Mortgage in california will be able to reduce the MMI by $200. But be careful . For those homeowners that receive down payment assistance such as CalHFA's CHDAP, these amount most often require that they are paid back at the time of a refinance. For help determining how refinancing your FHA can benefit you give me a call. David Schwartz714-227-5087david.schwartz@banchomeloans.com

Jan 26th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

FHA reduced MI goes into affect today.. The MI is reduced from 1.35% annual to 0.85% for borrowers with 3.5% down on a 30 year mortgage.. the MI did not change for 15 year loans.. 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

Jan 27th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

FHA loans have mortgage insurance, just like many other mortgage loans. Effective January 26th, 2015 - the cost of FHA mortgage insurance for all NEW FHA loans went down. To give you an idea: A $100,000 FHA loan prior to the change would have had $110 per month in mortgage insurance. Today that same $100,000 FHA loan would have just $69 a month in mortgage insurance. For FHA streamline refinances in MN, WI, and SD - visit www.Streamline-Refinance-MN.com

Jan 27th 2015
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