FHA has finally done something good. There are lots of folks that bought their homes in the 2000 to May 31, 2009 timeframe that have not been candidates for refinancing. The reasons are usually one of these.
1 The new FHA MIPs made the numbers much worse than they should have been.
2. They owed more than their home was worth
FHA addressed this by announcing that for any person who has an existing FHA loan that was endorsed before May 31, 2009, the streamline FHA MIP will be .55 monthly and .01 up front. This is much lower than people buying a new home today with current MIPS.
So the numbers are going to be drastically better. The catch is that if you want to add closing cost to the loan , the home has to appraise for enough to do that. But if it won’t, then we can build the cost into the rate and do lender paid closing cost with no appraisal.
It is a win win for everybody.
Basically the only qualifying factor is that you have income, a minimum 640 credit score and no mortgage payments over 30 days late in the last 12 months.
Give me a call, 615-777-4663, shoot me an email george.margrave@migonline.com or refer someone you know looking to refinance. Look at the numbers. It will be worth it.
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