fha streamline refinance

FHA Streamline Refinance

Presented by Rhonda Porter Washington State NMLS Licensed Originator MLO-121324

Mortgage Master Service Corporation #44045

FHA Streamline Refi

Homeowners with FHA insured mortgages have the opportunity to refinance their existing loan utilizing an FHA Streamline Refinance• No appraisal required;• Reduced documentation is available;• Reduced mortgage insurance premiums available for

some FHA streamline refi’s;• Some of the existing upfront mortgage insurance

premium may be credited towards new refi.

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Should You Have an Appraisal?


Without appraisal

• No loan to value (LTV)• Closing cost cannot be financed.

NOTE: Rebate pricing may be used to pay closing cost.

• No appraisal fee

Withappraisal

• 97.75% of appraised value is maximum base loan amount (LTV)

• Closing cost may be financed






FHA Mortgage Insurance Premiums


FHA has both upfront and monthly mortgage insurance premiums with vary rates depending on• mortgage term (15 vs 30 year)• loan to value • loan size (FHA jumbo has higher premiums)Some of the existing upfront mortgage insurance premium may be credited towards closing cost.








Reduced mortgage insurance premiums are available for FHA Streamline refinances IF the existing FHA loan was guaranteed by HUD prior to June 1, 2009.

HUD guarantees FHA loans AFTER closing. Sometimes several weeks. Your local mortgage originator can check to see when your FHA loan was guaranteed. (I can help if your home is located anywhere in Washington state).

Borrowers with “high balance” or FHA “jumbos” will want to start their FHA refinance prior to June 11, 2012 if they do not qualify for the reduced premiums as HUD is increasing the mortgage insurance premiums an additional 0.25% at that time. In King, Pierce and Snohomish Counties, FHA jumbos are base loan amounts from $417,000 to $567,500.








< or = 95%LTVGuaranteed after

6/1/2009

• Upfront: 1.75%• Annual: 1.20%

>95%LTVGuaranteed after

6/1/2009


Guaranteed PRIOR to 6/1/2009


30 year fixed FHA. Effective June 11, 2012, FHA High Balance/Jumbo loans will have an additional 0.25% bps added to the annual mortgage insurance premium. In King, Pierce & Snohomish Counties, high balance loan amounts currently range from $417,001 to $567,500.

Upfront mortgage insurance premium may be financed or paid for as closing cost.

Annual mortgage insurance is part of the monthly mortgage insurance premium. Multiply the annual mortgage insurance amount by the base loan amount and divide by 12 to determine the monthly amount.








< or = 95%LTVGuaranteed after

6/1/2009



6/1/2009




30 year fixed FHA and base loan amount is “high balance” or “jumbo”. In King, Pierce & Snohomish County, this applies to loan amounts $417,001 to $567,500 EFFECTIVE ON CASE NUMBERS OBTAINED JUNE 11, 2012 AND LATER.

Upfront mortgage insurance premium may be financed or paid for as closing cost.









< = 90% LTV*Guaranteed after

6/1/2009

• Upfront: 1.75%• Annual: 0.35%%


6/1/2009




15 year fixed FHA. Effective June 11, 2012, FHA High Balance/Jumbo loans will have an additional 0.25% bps added to the annual mortgage insurance premium. In King, Pierce & Snohomish Counties, high balance loan amounts currently range from $417,001 to $567,500.

*No annual mortgage insurance is required when the mortgage term is 15 years or less and the LTV is 78% or less.









< = 90%LTV *Guaranteed after

6/1/2009


> 90%LTVGuaranteed after

6/1/2009




15 year fixed FHA and base loan amount is “high balance” or “jumbo”. In King, Pierce & Snohomish County, this applies to loan amounts $417,001 to $567,500 EFFECTIVE ON CASE NUMBERS OBTAINED JUNE 11, 2012 AND LATER.

*No annual mortgage insurance is required when the mortgage term is 15 years or less and the LTV is 78% or less.







FHA Streamline Refi Rateseffective 4/11/2012 with 720 plus mid credit scores based on $400,000 loan amount


• 3.750% (apr 4.743%) with a PIMI (principal, interest and mortgage insurance) payment of $2,298.06.

30 Year Fixed Guaranteed after 6/1/2009

• 3.750% (apr 4.141) PIMI payment of $2,034.45.

30 Year FixedGuaranteed PRIOR TO 6/1/2009

NOTE: 30 Year Fixed quotes based on loans guaranteed prior to 6/1/2009 are priced with a longer lock since case numbers will not be available until June – however applications and locks can happen NOW w/delayed closing.






FHA Jumbo Streamline Refi Rateseffective 4/11/2012 with 720 plus mid credit scores based on $565,000 loan amount


• 3.750% (apr 4.589) with a PIMI payment of $3,222.66.

30 Year Fixed – Case # prior to June 11, 2012Guaranteed after 6/1/2009

• 3.750% (apr 4.732) with a PIMI payment of $3,339.38.

30 Year Fixed – Case # June 11, 2012 or laterGuaranteed after 6/1/2009

• 3.875% (apr 4.214) with a PIMI payment of 2,913.94.

30 Year FixedGuaranteed PRIOR TO 6/1/2009

NOTE: 30 Year Fixed quotes based on loans guaranteed prior to 6/1/2009 are priced with a longer lock since case numbers will not be available until June – however applications and locks can happen NOW w/delayed closing.






Preparing for your FHA Streamline Refinance


• Obtain a rate quote detailing your scenario. If your property is located in Washington, I can help you!

• Find your FHA Case # and provide it to a local mortgage originator to determine when HUD guaranteed your loan IF you closed prior to June 2009.

• Gather important documents that may be required:– Most recent W2s from previous year– Most recent paystub– Most recent bank statement/asset account (all pages)– If self employed, your last 2 years complete business and personal

tax returns.– Social Security Cards






http://www.mortgageporter.com/reportingfromseattle/request-an-online-home-affordable-rate-quote-for-your-washington-home.html



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Tips for your FHA Streamlined Refi

• Plan on bringing in one months mortgage payment with your FHA streamlined refinance if you are not financing closing cost.

• You will most likely not have a mortgage payment due until the next month.

• Plan on closing towards to end of the month to reduce paying double interest (FHA loans are not always prorated at payoff)

• You will receive a refund of your existing reserve account from your current mortgage servicer about 3-4 weeks after closing.







About Rhonda PorterRhonda is a Licensed Mortgage Originator who has been helping people with their mortgage needs at Mortgage Master Service Corporation since April 2000.She writes a nationally recognized blog, The Mortgage Porter, aimed at helping consumers have more information about the mortgage process.She is available to originate residential mortgages for homes located in Washington State, where she holds her NMLS license.


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