FHA has lowered the monthly mortgage ins. premiums, time to refinance or purchase.
You could save hundreds of dollars by refinancing without lowering your current rate. How can this be? FHA just lowered the monthly mortgage insurance premium from 1.35% to .85% per year if you are over 95% LTV. This is almost 1/2 of what it used to be. Example: if you have an FHA mortgage with 1.35% premium and you mortgage is $250,000 you will go from a monthly payment of $281.25 to $177.08, that is savings of $104.17 per month without lowering your rate. Barclay Butler Financial Inc. has no cost refinances for FHA & Conv. loans.
This will help any customer who currently has an FHA loan or is trying to buy a new home. By FHA lowering the monthly mortgage insurance premium, it has made FHA a much more competitive mortgage loan compared with the new conventional 3% down mortgage. FHA still does require 3.5% down payment which can be gifted from a family member.
The FHA streamline mortgage will allow a customer to lower their payment without showing any credit score, income, employment or assets. All you need to show is your most recent mortgage statement, and a copy of your current mortgage note.
This new lower monthly mortgage insurance will also help buyers buy more of a home.
Barclay Butler Financial Inc. does FHA, Conv., Jumbo, VA, USDA & Portfolio mortgages in Florida, Illinois & Wisconsin.