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#121
02-05-2013, 07:26 PM
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Multi-Quote| 02-05-2013, 07:26 PM | |
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#122
02-06-2013, 05:32 AM
There is quite a bit covered in this, but the changes are only for: 1. new FHA Case numbers established after April 1, 2013 will incu the (slightly) increased annual MI. 2. new FHA Case numbers established after June 3, 2013 will incur the updated polict regarding the longevity of the MI. In respect to new FHA Streamlines: 1. existing loans endorsed prior to June 2009 will still be able to take advantage of the reduced MI premiums, however for new cases after June 3 the changes regarding longevity of MI will apply. 2. existing loans endorsed after May 31, 2009 will incur the current MI premiums and MI longevity rules in accordance with when the new case number is established. Thanks; -Adam Old Hippy & Mortgage Pro Last edited by tiedyed1; 02-07-2013 at 06:10 AM.. Reason: Automerged Doublepost |
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#123
02-06-2013, 05:34 PM
Regarding the tax deductibility of mortgage insurance, I'm reading that it was reinstated and is retroactive for 2012 (gotta check to see if I claimed that last year). http://www.nj.com/business/index....d_tax.html |
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#124
02-07-2013, 06:06 AM
-Adam Old Hippy & Mortgage Pro |
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#125
02-22-2013, 07:10 AM
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I am receiving many questions and just wanted to reterate the upcoming changes to new FHA mortgages:
1. new FHA Case numbers established after April 1, 2013 will incu the (slight, .10%) increased annual MI. 2. new FHA Case numbers established after June 3, 2013 will incur the updated policy regarding the longevity of the MI. (permanent for >90, and 11 years for <90%). (Current guidelines dictate a minimum of 5 years.) In respect to new FHA Streamlines: 1. existing loans endorsed prior to June 2009 will still be able to take advantage of the reduced MI premiums, however for new cases after June 3 the changes regarding longevity of MI will apply. 2. existing loans endorsed after May 31, 2009 will incur the current MI premiums and MI longevity rules in accordance with when the new case number is established. Thanks; -Adam Old Hippy & Mortgage Pro |
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#126
04-22-2013, 04:24 AM
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It has been a couple of months and I want to update this thread to alert borrower's that FHA pricing improved last week where we are now seeing 30 Fixed FHA Streamline closings in the 3.25% - 3.50% range again; where the lender credits will cover all closing costs (and even prepaid expenses (escrows) in some cases).
Each State is very different when it comes to costs; and as the lender credit is a percentage of the loan amount, the loan amount will dictate the amount of lender credit. There are still many who currently have FHA loans who would benefit from a Streamline refinance; and even more now since FHA rates are back at their lowest levels. -Adam Old Hippy & Mortgage Pro |
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#127
04-24-2013, 04:15 PM
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Anyone have any experience with lenders in Pennsylvania participating in FHA Streamline refis? We have had no luck in getting a call back and it's definitely something we'd like to look into.
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#128
05-03-2013, 05:39 AM
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Lauren, if your current FHA loan was endorsed by HUD prior to June 2009 a FHA Refi can provide tremendous savings on your monthly payment.
Also, while I feel this is one of the few great refi programs out there for many, discuss with your broker what you feel the current value of your home is too. I mention this, especially for those whom have a FHA loan endorsed after June 2009 (where the full MI premiums apply) as I am seeing some scenarios where refinancing from a FHA to a Conventional loan w/ lower MI proves more beneficial. Granted, a conventional refi does have more qualifying criteria, including appraisal cost, but all I am saying is to compare, evaluate viability and measure the benefits between the two approaches to your refinance. -Adam Old Hippy & Mortgage Pro |
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