“FHA Mortgage Insurance Premium” Changes effective 11 June 2012 will help millions of Americans to include those Homeowners with FHA Home “Loans in Colorado”. Most individuals who had gotten an “FHA Mortgage” during the past 4 years have been unable to refinance because FHA had almost tripled their “Mortgage Insurance Premiums” which negated or wiped out almost all the savings with even these historic low interest rates. “HUD” – FHA is finally correcting this situation.
Timing is important. Individuals with an FHA Mortgage that was endorsed prior to 1 June 2009 can benefit if they wait till 11 June 2012 or later to get their new FHA Case # when they decide to refinance under the FHA Streamline Loan Program. If they apply to early, it will cost them dearly….thus this video: http://youtu.be/CYrh2pMUOSY.
I consider these changes in FHA Mortgage Insurance Premiums to be the biggest gift that HUD – FHA has ever given Americans. I even called FHA because I could not believe that they were decreasing the FHA Up Front Mortgage Insurance Premium from 1.75 to .01. This represents a huge savings right up front when an individual refinances under the “FHA Streamline Loan” Program.
If your new FHA mortgage has a term greater than 15 years, i.e 20-year fixed FHA, 30-year fixed FHA), your new loan’s MIP schedule is as follows :
– For loans with LTV greater than 95 percent : 0.55% percent annually
– For loans with LTV less than, or equal to, 95 percent : 0.55%% percent annually
Or, when your new FHA mortgage has a term of 15 years or fewer, the new loan’s MIP schedule is :
– For loans with LTV greater than 90 percent : 0.55% percent annually
– For loans with LTV less than, or equal to, 90 percent : 0.55% percent annually
– For loans with LTV less than, or equal to, 78 percent : No annual MIP required
For all your Colorado Mortgage and Home Loan advice, contact Randy Flood, Licensed Colorado Mortgage Broker with The Mortgage Network at 303-521-9550 or visit https://www.facebook.com/#!/RandyFloodTheColoradoMortgageBroker.
About Michele
Great information! Really helpful.
I’ve always been satisfied with Randy Floods presentations. You’ll not find
anyone who can describe “FHA Mortgage” like he does!
Great video…It really helped me understand why I couldn’t refinance my FHA
mortgage before when I called mortgage companies. Please contact me.
I’ve tried to refinance my FHA mortgage home loan several times when the
rates dropped and I was told by the lender that they couldn’t do it. Now I
understand why. Thanks!
I’m not good with figures so I like the graphs too….so I can see if I’m
making an informed decision. I’ll be contacting you.
I want to take advantage of these much lower FHA Mortgage Insurance
Premiums. What do I need to do now??
Ditto, I couldn’t refinance my FHA mortgage either…so now I can if I wait
after 11 June, right?
Hi gbetechful, …thanks for your nice compliment!
I can see now why my savings due to the lower interest rates were wiped out
by the FHA Mortgage Insurance Premium increases. Thanks
Keep it up and youll go big.
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We want more of your VIDEOS !
Can you help me, I’m in Virginia
LOVE YOU
this is the best thing ive seen in a while
Truly Amazing!!? Thank You!
Best video Ive seen in a long time!
good qulatiy
good job i am stunned from your work and the time you spend on that video!
my subcribe is will infrom me for your future video!
Thank? you for this. 🙂
One of the more unique videos Ive seen!
I love your channel!
insane video! Im gonna send it to my gf
Ditto, I couldn’t refinance either…so now I can if I wait after 11 June,
right?
These new law do ZERO for people applying for a NEW FHA LOAN AFTER
06/11/2012. Evereyone who had an FHA loan prior to thsi will enjoy the
benefits while new FHA loans will pay higher upfromt from 1% to 1.75%. Can
someone please please tell me how these new guideline help NEW FHA loans,
because I don’t see it?