FHA mortgage rates are near their lowest levels of the year. Now may be the time for homeowners who have an existing FHA mortgage to consider a Ohio FHA Streamline Refinance. I’ve covered the Pr0s and Cons of a Streamline Refinance previously.
Quite possibly the easiest mortgage to qualify for, the FHA Streamline Refinance doesn’t require income verification or an appraisal, yet allows you to take advantage of current rates. On top of that, homeowners who haven’t refinanced their FHA mortgage since 2009 may qualify for additional savings.
FHA Streamline Refinances are only available to homeowners who currently have an FHA mortgage. Ohio FHA Streamline Refinances require that:
- You made your last 3+ mortgage payments on time,
- You do not have any more than 1 30 day late on your credit in the last 12 months,
- You have made at least 6 payments on your current FHA mortgage,
- There is a benefit to the refinance, determined by a Net Tangible Benefit worksheet.
Generally, the Net Tangible Benefit is reached as long as your new Principal and Interest payment is 5% lower than your current payment.
Ohio residents who current have an FHA mortgage that was closed prior to May 2009, may qualify for reduced FHA monthly Mortgage Insurance Premium (MIP) and Up Front Mortgage Insurance Premium (UFMIP). Currently FHA mortgage insurance requirements on a standard 30 year fixed with less than 5% equity are 1.75% Up Front Mortgage Insurance Premium and 1.35% monthly Mortgage Insurance Premium.
Ohio FHA Interest Rates are still near all time lows, contact me today to see if you will benefit from a Ohio FHA Streamline Refinance.