FHA Streamline Refinance

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  1. 1. FHA Streamline RefinancePresented by Rhonda PorterWashington State NMLS Licensed Originator MLO-121324Mortgage Master Service Corporation #44045
  2. 2. FHA Streamline RefiHomeowners with FHA insured mortgages have theopportunity to refinance their existing loan utilizingan FHA Streamline Refinance No appraisal required; Reduced documentation is available; Reduced mortgage insurance premiums availablefor some FHA streamline refis; Some of the existing upfront mortgage insurancepremium may be credited towards new refi.mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  3. 3. Should You Have an Appraisal? No loan to value (LTV) Closing cost cannot be financed.Without NOTE: Rebate pricing may be appraisal used to pay closing cost. No appraisal fee With 97.75% of appraised value is maximum base loan amount (LTV) appraisal Closing cost may be financedmortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  4. 4. FHA Mortgage Insurance PremiumsFHA has both upfront and monthly mortgageinsurance premiums with vary rates dependingon mortgage term (15 vs 30 year) loan to value loan size (FHA jumbo has higher premiums)Some of the existing upfront mortgageinsurance premium may be credited towardsclosing cost.mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  5. 5. FHA Mortgage Insurance PremiumsReduced mortgage insurance premiums are available for FHAStreamline refinances IF the existing FHA loan was guaranteed by HUDprior to June 1, 2009.HUD guarantees FHA loans AFTER closing. Sometimes several weeks.Your local mortgage originator can check to see when your FHA loanwas guaranteed. (I can help if your home is located anywhere inWashington state).Borrowers with high balance or FHA jumbos will want to start theirFHA refinance prior to June 11, 2012 if they do not qualify for thereduced premiums as HUD is increasing the mortgage insurancepremiums an additional 0.25% at that time. In King, Pierce andSnohomish Counties, FHA jumbos are base loan amounts from$417,000 to $567,500.mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  6. 6. FHA Mortgage Insurance Premiums 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. < or = 95%LTV >95%LTVGuaranteed PRIOR to Guaranteed afterGuaranteed after6/1/20096/1/20096/1/2009 Upfront: 1.75% Upfront: 1.75% Upfront: 0.01% Annual: 1.20% Annual: 1.25% Annual: 0.55% 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.mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  7. 7. FHA Mortgage Insurance Premiums 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. < or = 95%LTV >95%LTVGuaranteed PRIOR to Guaranteed afterGuaranteed after6/1/20096/1/20096/1/2009 Upfront: 1.75% Upfront: 1.75% Upfront: 0.01% Annual: 1.45% Annual: 1.50% Annual: 0.55% 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.mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  8. 8. FHA Mortgage Insurance Premiums 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. < = 90% LTV*>90%LTVGuaranteed PRIOR to Guaranteed afterGuaranteed after6/1/20096/1/20096/1/2009 Upfront: 1.75% Upfront: 1.75% Upfront: 0.01% Annual: 0.35%% Annual: 0.60% Annual: 0.55% *No annual mortgage insurance is required when the mortgage term is 15 years or less and the LTV is 78% or less. 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.mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  9. 9. FHA Mortgage Insurance Premiums 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. < = 90%LTV *> 90%LTVGuaranteed PRIOR to Guaranteed afterGuaranteed after6/1/20096/1/20096/1/2009 Upfront: 1.75% Upfront: 1.75% Upfront: 0.01% Annual: 0.60% Annual: 0.85% Annual: 0.55% *No annual mortgage insurance is required when the mortgage term is 15 years or less and the LTV is 78% or less. 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.mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  10. 10. FHA Streamline Refi Rateseffective 4/11/2012 with 720 plus mid credit scores based on $400,000 loan amount 30 Year Fixed Guaranteed after 6/1/2009 3.750% (apr 4.743%) with a PIMI (principal, interest and mortgage insurance) payment of $2,298.06. 30 Year Fixed Guaranteed PRIOR TO 6/1/2009 3.750% (apr 4.141) PIMI payment of $2,034.45.NOTE: 30 Year Fixed quotes based on loans guaranteed prior to 6/1/2009are priced with a longer lock since case numbers will not be available untilJune however applications and locks can happen NOW w/delayed closing.mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  11. 11. FHA Jumbo Streamline Refi Rateseffective 4/11/2012 with 720 plus mid credit scores based on $565,000 loan amount 30 Year Fixed Case # prior to June 11, 2012 Guaranteed after 6/1/2009 3.750% (apr 4.589) with a PIMI payment of $3,222.66. 30 Year Fixed Case # June 11, 2012 or later Guaranteed after 6/1/2009 3.750% (apr 4.732) with a PIMI payment of $3,339.38. 30 Year Fixed Guaranteed PRIOR TO 6/1/2009 3.875% (apr 4.214) with a PIMI payment of 2,913.94.NOTE: 30 Year Fixed quotes based on loans guaranteed prior to 6/1/2009 arepriced with a longer lock since case numbers will not be available until June however applications and locks can happen NOW w/delayed closing.mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  12. 12. 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 mortgageoriginator to determine when HUD guaranteed your loanIF 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 andpersonal tax returns. Social Security Cardsmortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  13. 13. What Now? Visitwww.mortgageporter.com andmortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  14. 14. Tips for your FHA Streamlined Refi Plan on bringing in one months mortgagepayment with your FHA streamlined refinance ifyou are not financing closing cost. You will most likely not have a mortgage paymentdue until the next month. Plan on closing towards to end of the month toreduce paying double interest (FHA loans are notalways prorated at payoff) You will receive a refund of your existing reserveaccount from your current mortgage servicerabout 3-4 weeks after closing.mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro
  15. 15. About Rhonda PorterRhonda is a Licensed Mortgage Originator who hasbeen helping people with their mortgage needs atMortgage Master Service Corporation since April 2000.She writes a nationally recognized blog, The Mortgage Porter,aimed at helping consumers have more information about themortgage process.She is available to originate residential mortgages for homeslocated in Washington State, where she holds her NMLS license.CLA 44045mortgageporter.com | twitter.com/mortgageporter | fb.com/washingtonmortgagepro