Louisville Kentucky FHA Changes Fees Effective June 2012
If you’re looking for the “basics” on how this will work, here’s my boiled-down version:
- Starting mid-June 2012, the FHA is lowering the mortgage insurance premium from .096 percent to .046 percent. Which means your monthly PMI payments can go down if you refinance under this program.
- If you are up-to-date on your current FHA mortgage, you may apply for an FHA refinance.
- The up-front mortgage insurance premium will also be lowered to only .01, meaning that many people can now apply to refinance an FHA loan without having to come up with a few thousand before signing (or rolling that into the home loan.) Now, it will only cost you maybe $10-20 up-front, depending on the purchase price.
- This will save you thousands of dollars.
- This applies to loans where you want to “streamline” the refinance – meaning you have an existing FHA loan. (those who qualify must have an existing loan originated on or before May 29, 2009.)
Oh… and to Qualify for an FHA Streamline Refinance:
- You need to ALREADY HAVE an FHA loan.
- You DO NOT need to verify employment.
- You DO NOT need to verify income.
- You DO NOT need a credit score pulled.
- You DO NOT need an appraisal.
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
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