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Having mortgage insurance reduces the risk to the lender allowing them to reduce their requirements helping more people to qualify. There are two kinds of premium mortgage insurance you will be required to pay when using an FHA-insured mortgage. upfront mortgage insurance, and annual mortgage insurance. Upfront FHA Mortgage Insurance
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FHA Streamline | oceanside mortgage company – An FHA streamline is a refinance option that allows the underwriters to reuse much of the information from the original loan. Only an existing FHA loan can be refinanced with the FHA streamline refinance option. Oceanside Mortgage Company offers the streamline refinance with No Closing Costs, No Appraisal Fee, and No Lender Fees.
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That eliminates mortgage insurance. But all borrowers need to have 700 FICO scores for the 2nd loan program. The other option is we can do a streamline. The streamline program requires no appraisal and no qualifying. We replace your existing FHA loan with a new one with the reduced mortgage insurance.
What are the Current FHA Mortgage Insurance Premiums? – If you choose FHA financing, you will pay two types of mortgage insurance premiums – upfront mortgage insurance and annual mortgage insurance. Both types are required every time you take out an FHA loan. How Much is Upfront Mortgage Insurance. The upfront mortgage insurance is a fee based on your loan amount. Today, the FHA charges 1.75% of.
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, or FHA. Popular with first-time homebuyers, FHA home loans require lower minimum credit scores and down.
FHA loans with terms of 15 years or less qualify for reduced MIP, as low as 0.45% annually. In addition, there is an upfront mortgage insurance premium (UFMIP) required for fha loans equal to 1.75.
FHA Streamline Refinances and Mortgage Insurance Refunds. FHA streamline refinances opened before June 1 2009 may qualify for a reduced upfront MIP of 0.01%. In this case, no FHA MIP refund is available since the refund would be bigger than the UFMIP cost. Usually you’ll come out ahead.
USDA Rural Refinance Streamline Pilot – USDA Mortgage Source – The USDA Streamline Assist refinance program is still available to thousands of rural homeowners across the country. Homeowners in all 50 states that have a USDA mortgage now are eligible for the Streamline Assist program.
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