Florida Mortgage Blog

FHA is Freezing PMI for Refis

March 6th, 2012 6:46 PM by Preston Ware

FHA had a smart announcement today stating that they would honor previous PMI rates on streamline refinances with or without appraisal. This is really good news for the borrower who has seen mortgage insurance rates go from .55% to 1.15% times loan amount. On a loan of about $200,000 this will save about $85 for the customer. Figuring this on top of what savings will take place going from 6% to 4% is up to the borrower in each individual situation. Also don't forget the PMI rate gets better on FHA 203K  Rehab loan. (If you want to fix the place up) Good for purchase or Refinance.
Posted in:General
Posted by Preston Ware on March 6th, 2012 6:46 PM

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