June 11, 2012: FHA changes their mortgage insurance policy on FHA Streamline Refinances for loans endorsed by HUD prior to June 1st 2009. Case numbers pulled on or after June 11th 2012 will allow borrowers to take advantage of discounted mortgage insurance on FHA Streamline Refinances.
THEN the next day on June 12th Wells Fargo announced:
“Beginning Tuesday June 19, Wells Fargo will accept FHA Streamline Refinance applications only from customers whose loans we currently service. This applies to our retail, wholesale and correspondent channels.”
Also stating “We expect high customer demand for this product and we want to insure that our existing customers receive a high level of service without frustrating delays.”
Effective June 14th, Kinecta Federal Credit Union will no longer accept FHA Streamline refinance transactions.
THEN Stearns Wholesale Announced, “Due to unforeseen market changes for the FHA Streamline Refinance program, we need to make immediate adjustments to our pricing and guidelines…”
An FHA Streamline Refinance is essentially a limited documentation FHA refinance to help borrowers take advantage of today’s historic rates. It’s very easy to have a no cost loan while taking advantage of today’s low rates.
A great benefit to borrowers who qualify for this program is a reduction in both their upfront and monthly Mortgage Insurance Premiums. Upfront Mortgage Insurance, which recently went up to 1.75%, will only be .01% and Monthly Mortgage Insurance will only be .55%, down from its recent increase to 1.2 — 1.25%.
I have been a mortgage professional for 11 years and we don’t care who services your FHA loan, we just want to save you money!
To find out when your FHA loan was endorsed, contact us, and we will look up your original case number for you. Below is a link to our refinance advisor, fill it out in less than two minutes and we will contact you and research your situation at no charge.
FHA Streamline Refinance Adviser
Remember time is of the essence as guidelines and pricing are changing daily so don’t delay — and if you know someone who can use this information please forward it to them immediately so they don’t miss this once in a lifetime opportunity.
For more information email firstname.lastname@example.org or call/ text 510.282.5456.
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