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Refinancing Tampa, Florida FHA mortgages is going to be much more beneficial to a great number of Tampa homeowners this year.
The Federal Housing Administration is making changes and lowering its upfront and monthly mortgage insurance premium fees, hence making FHA home loans more affordable. This is a great boon for Tampa homeowners who are eligible for the FHA?s New Streamline Refinance Program. Home loan refinances that were endorsed by the FHA before June 2009, can garner the benefits of these as of 11th of June 2012.
Get a Streamline Refinance
In the FHA Streamline Refinance program, minimal documentation is asked for and in most cases, a home appraisal is not required. Such conditions are allowing homeowners to refinance despite being upside down on their mortgage they owe.
According to the data gathered by the Department of Housing and Urban Development, the financial crisis of 2008 has seen over 700,000 homeowners refinancing their mortgages through the FHA?s streamline program.
In Florida, refinancing could have been a more viable option if not for the increasing mortgage insurance premiums on FHA loans.? The borrower?s funds intended for savings will just be spent on paying expensive fees.
| Get a Tampa, Florida FHA underwater streamline refinance. This is for a Florida 30- year fixed rate mortgage greater than 95% loan-to-value. ?i.e. $225,000 | A FHA streamline refinance before June 11 | A FHA streamline refinance after June 11 |
| Upfront premium rolled in [most cases] at closing. | $3937.50 | $22.50 |
| Annual premium monthly cost | $234.38 | $103.13 |
| Upfront Premium Percentage | 1.75% | 0.01% |
| Monthly Premium Percentage | 1.25% | 0.55% |
Get a Streamline Refinance
That saves $3915.00 upfront and $131.25 every month
In the Chart above, you will see that qualified homeowners are going to find the FHA PMI reductions for Florida home owners cover both the monthly and upfront premiums in a beneficial way.? The upfront premium went from 1.75 to .01 and the monthly premium ? from 1.25 to .55 for loans endorsed by FHA before June of ?09.
FHA Streamline requirements:
- Have a Florida FHA-insured mortgage
- Be current with no late payments in the last 12 months
- Have an FHA-endorsed mortgage before the cutoff deadline in June 2009
- Pass the 5% ?Net Tangible Benefit? savings requirement that each Florida homeowner has to meet. If this requirement is met then an appraisal will not be needed? a huge relief for upside down Florida refinances. .
FHA Streamline Refinances are currently the most lenient refinances on the market. In its purest form, it requires no credit score verification or employment verification so as long as you meet other qualifications. Although FHA does not require current employment or minimum credit score verification, lenders do not exactly underwrite to FHA guidelines..? Lenders have their own additional requirements, which in industry parlance refers to as ?overlays?.
Why overlays?? Lenders are penalized for ?bad loans?.? This makes them reluctant to underwrite mortgages according solely to FHA guidelines for upside down Florida loans. Due to the fear of having a string of bad loans that leads to FHA no longer doing business with them, FHA is excluding the streamline refinances when calculating each lenders ?score?.
Get a Streamline Refinance
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