The new FHA streamline program makes saving easier than ever for homeowners who bought their house with an FHA loan prior to May 2009. Back in 2008-2009, a “good” rate was 5.5% or so. Now, it’s 3.5%. On a $200,000 loan that’s a monthly savings of $236! But what makes this program unique is that it’s a “streamline” program. That means there’s no appraisal required, and the upfront mortgage premium has been reduced by 99%. Mortgage insurance is down by 56% from a newly originated loan. How can FHA do that? Well, they verify that you’re current on your payments. If you are, they figure you’ll continue to be with a lower rate. It’s all part of the government’s attempts to improve the foreclosure numbers across the U.S. And, for many homeowners, it’s a rare government program that’s very beneficial and easy. We can help you navigate the process, tell you whether you’re eligible, and give you an idea of your savings. Click here to contact one of our team members and we’ll be in touch.
