Take advantage of an FHA Streamline Refinance Before Guidelines Change
You may want to take advantage of an FHA Streamline Refinance before guidelines change next year.
The Federal Housing Administration (FHA) has proposed to enforce new fees and...
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Take advantage of an FHA Streamline Refinance Before Guidelines Change
You may want to take advantage of an FHA Streamline Refinance before guidelines change next year.
The Federal Housing Administration (FHA) has proposed to enforce new fees and guidelines to all new
FHA loans, whether it is for a purchase or a refinance, in 2013.
This does not bode well for the housing
recovery because roughly 32% of all homes being refinanced or purchased today, by needing some type
of financing, are using an FHA loan.
That is a big jump from 2005, which only 5% of loans being financed
were backed by the FHA.
fha loan programs utah
A major guideline change will be that the monthly mortgage insurance premium (MIP) that almost all
borrowers are required to pay until the loan to value hits 78%, will be required to pay for the entirety of
the loan.
The reason being is FHA says they are on the hook for a loan until it is completely paid off,
whether its by the borrower or through a refinance into an
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