The New FHA Streamline Refinance
This is a great product if you currently have an FHA loan in Fort Lauderdale and South Florida. It is only for FHA loans that were endorsed on or before May 31, 2009. The advantage of this program is that the Annual Mortgage Insurance Premium (MIP) will be 55 basis points (.55%) versus the current 1.25% and the one time Upfront Mortgage Insurance Premium (UFMIP) charge will be .01 compared to the 1.75% right now.
In English this means if you have an FHA endorsed on or before May 31, 2009 there is a good chance it will make sense to refinance. Contact me today to find out more!