IF YOUR FHA MORTGAGE IS FROM BEFORE MAY, 2009 THERE IS INCREDIBLE NEWS ! A SPECIAL REFINANCE PROGRAM IS NOW IN EFFECT WITH SIGNIFICANTLY REDUCED MORTGAGE INSURANCE
HUD recently announced that homeowners with FHA mortgages which were insured by May 31, 2009 will have the ability to have SIGNIFICANTLY REDUCED Mortgage Insurance Premiums when they refinance !
Anyone with an FHA mortgage knows the one "downside" is the MIP (Mortgage Insurance Premium). An FHA mortgage is the only mortgage that has TWO parts of mortgage insurance - the monthly part, and the "Financed Mortgage Insurance." THAT is the trade off homeowners have with the benefits of an FHA mortgage.
Since 2010 the MIP has GONE UP significantly ! Basically eliminating the benefits of mortgage rates GOING DOWN. For example the monthly MIP on an FHA mortgage is now almost 3/4% HIGHER than it was in 2009. Mortgage rates are approximately 3/4% LOWER than they were in 2009. THUS - No real benefit .... UNTIL NOW !!!!
If you have an FHA mortgage from before May, 2009 you can now refinance with the SAME monthly mortgage insurance as you had before - FIND OUT TODAY ! THUS ALLOWING YOU TO TAKE FULL ADVANTAGE OF THE LOWEST RATES IN HISTORY ! If you have an FHA mortgage from AFTER May, 2009 you can still refinance BUT your monthly mortgage insurance will be higher. - FIND OUT TODAY YOUR POTENTIAL SAVINGS.