FINALLY - GREAT NEWS IF YOU WANT A FHA STREAMLINE REFINANCE IN SAN MATEO COUNTY!

If you obtained a FHA loan in San Mateo County prior to May 31,2009, you may be able to benefit from the news announced yesterday. FHA streamline loans may become more affordable.

FHA mortgage insurance premiums have increased in the last several years. These increased premiums have made it less attractive to apply for a FHA streamline refinance. Although interest rates have decreased, the decrease in rates have been offset by the increased insurance premiums.

Stay tuned: the FHA streamline refinance may get real attractive shortly for homeowners in San Mateo County!

 Jumbo Loan For First-time Buyer

At a Senate hearing yesterday on the state of housing market, Secretary Donovan indicated that FHA would be reducing premiums for FHA loans endorsed on or before May 31, 2009.  The Secretary said:

Basically, this is the first positive move that they are doing for the consumer.  Probably lowering premiums to the prior rates so that those who have had FHA mortgages can refinance and lower their payments. 

THIS IS HUGE!!!

 

 

"In addition to taking steps to make these refinance loans more widely available, FHA is working on adjusting the premium structure  for all Streamline Refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, to further incentivize refinance activity. These changes will ensure that borrowers benefit from a net reduction in their overall mortgage payment while still ensuring FHA has the resources to pay any necessary claims."

 

We expect that changes to the streamline refinance program (lowering both the upfront and the annual premium) should be announced in the next week or two.

 

If you choose, you can find me here:

          Follow The Twittering Tweets on Twitter        Follow Bettag's Blabs on Facebook        Google Me If You'd Like        Follow Me On Linked In

 

Cherry Creek Mortgage Company        Path 2 Buy Certified Coach            Mortgage Myth Busters

                                          NMLS ID#158606          Equal Housing Logo     An Illinois Residential Mortgage Licensee

 

Would you like to talk to Phil - call or text (650) 222-0386

Phil Caulfield NMLS #386911 APMC #1850 has been helping people obtain mortgages since 1985. The views, articles, postings, and information listed at this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.


Comment balloon 0 commentsPhil Caulfield • March 01 2012 08:58AM
FINALLY - GREAT NEWS IF YOU WANT A FHA STREAMLINE REFINANCE IN SAN…
share
If you obtained a FHA loan in San Mateo County prior to May 31, 2009, you may be able to benefit from the news announced yesterday. FHA streamline loans may become more affordable. FHA mortgage insurance premiums have increased in the last… more
Can A First-Time Buyer Get A Jumbo Loan?
share
Can a first-time buyer can get a jumbo loan Yes, however, lenders often scrutinize this type of transaction with more requirements to qualify than they have for a move-up buyer. One concern they have with a first-time buyer is payment… more
FREE entrance day to our National Parks
share
Everyone likes free, right? And we're in luck. This Thursday, November 11, 2010, entrance fees are being waived at our country's national parks. That's right, you can visit your favorite national park at no charge on Veterans' Day. Some of… more
Home Maintenance Reminders for Homeowners
share
Home Maintenance Reminders for Homeowners Whether you've just bought that first house, or have been a homeowner for many years, there are some household tasks that shouldn't be overlooked just because they aren't urgent. We've seen squirrels… more
How does a stock loan work?
share
A client asked me the other day, "How does a stock loan work " A stock loan works differently than a mortgage loan, but can serve the same purpose of financing real estate. Instead of real estate as collateral for the loan, the… more
FHA changes effective October 4, 2010 in San Mateo County
share
FHA loans are becoming more important in San Mateo County The maximum loan amount is $729, 750. There are many homes that can be marketed with FHA financing being available, or purchased utilizing FHA financing. There are some changes… more
FHA Approved Condo For Sale in Burlingame
share
FHA Approved Condo For Sale In Burlingame Are you looking at condos for sale in Burlingame that are FHA approved There is a condo for sale that is FHA approved located at 107 El Camino Real Unit 103. FHA financing offers many benefits:… more
What's going on in the real estate market today in San Carlos, CA…
share
What's going on in the real estate market today in San Carlos, CA 94070? While gathering information today for a potential seller, I included what's going on in the real estate market in San Carlos California. Today, in the single-family home… more
FHA Approved Condos in Burlingame | Phil Caulfield 650 222-0386
share
There are two FHA approved condos in Burlingame If you want to use FHA financing to purchase a condo, it must be an FHA approved condo Parc Newlands is located at 107 El Camino Real. It is on the southwest corner of Newlands Avenue and El… more
How Real Estate Agents Can Improve Video and Images for Higher…
share
Brad Andersohn constantly provides great content about how to imrove our social media marketing for us in the real estate industry. Here is his latest article about improving our SEO for the video and images we use in our social media marketing. I… more