Save Money With FHA Refinance – New Lower MIP
FHA is lowering the cost of homeownership….Making homes more affordable for all FHA buyers!
What does this mean if you already have an FHA loan?
You can reduce your payment considerably with a no-income documentation and no appraisal refinance! You can even skip up to two payments! We are processing these refinances in as little as 15 days.
The FHA has reduced the annual Mortgage Insurance Premiums (MIP) effective January 26, 2015.
If You Have An FHA Loan With Terms Greater Than 15 Years –
| If Your Base Loan Is | And Your Loan to Value Ratio is | Your Old MIP | Your New MIP |
| Less than or equal to $625,000 | ≤ 95% | 130 bps | 80 bps |
| Less than or equal to $625,000 | > 95% | 135 bps | 85 bps |
| More than $625,000 | ≤ 95% | 150 bps | 100 bps |
| More than $625,000 | > 95% | 155 bps | 105 bps |
What You Can Save Monthly! (Assuming rates are equal to when you purchased. Savings may be more!)
|
Based on ≤ $625k Base Loan, >95% LTV |
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| Loan Amount | Current MI | New MI | Your Savings |
| $175,000 | $196.88 | $123.96 | $72.92 |
| $200,000 | $225.00 | $141.67 | $83.33 |
| $225,000 | $253.13 | $159.38 | $93.75 |
| $250,000 | $281.25 | $177.08 | $104.17 |
| $271,050 | $304.93 | $191.99 | $112.94 |
| $350,000 | $393.75 | $247.91 | $145.83 |
| $450,000 | $506.25 | $318.75 | $187.50 |
| $550,000 | $618.75 | $389.58 | $229.16 |
| $625,000 | $703.12 | $442.70 | $260.41 |
| $700,000 | $904.16 | $612.50 | $291.66 |
GET A QUICK QUOTE
Find out how much you will save!
NOTE: Not all applicants will qualify. These Programs may have a higher interest rate, more points or more fees than other Programs requiring documentation. Minimum FICO, reserve, and other requirements apply. Programs may not be available in all states. Contact your Loan Officer for additional program guidelines, restrictions, and eligibility requirements. Rates, points, APRs and programs are subject to change at any time without notice.
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