The Federal Housing Administration (FHA) has lowered its FHA Mortgage Insurance premiums from 1.35% to 0.85%. This represents a sizable savings for home buyers. For example, on a $250,000 loan this would result in a $104 per month reduction in payment compared to current MIP costs. The official HUD Mortgagee Letter can be found here: http://portal.hud.gov/hudportal/documents/huddoc?id=15-01ml.pdf
What does this mean for you as a homeowner? If you have an FHA mortgage it means you can lower your monthly payment with a Streamline Refinance. There are several types of Streamline Refinances available but the easiest and cheapest is the No Credit Qualifying Streamline Refinance. This program does not allow any closing costs to be added to the principal balance so that you're not borrowing more than currently owe. Here at Allegiant Mortgage we pay all the closing costs for you. There's no appraisal and minimal documentation required.
Email or call us today to find out how much we can save you with this new program update for 2015!
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