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Should you refinance into a 15 year fixed with FHA?

Should you refinance into a 15 year fixed with FHA?

There may be a reason to use FHA for a 15 year fixed refinance when you have more than 22% equity at the time you refinance. While there would be a 1% one time fee to HUD paid(financed) at closing. The likelihood is that your interest rate could wind up lower than even a conventional 15 year fixed rate, if you would like to apply go ahead and fill out an application and I will get back to you. ~ Ray

The chart below is effective for case numbers assigned on or after April 18, 2011 for forward mortgage amortization terms. Mortgage Insurance Premiums

Loan Terms < / = 15 years and loan to value ≤ 78.00 percent

Upfront mortgage insurance = 1.00%

Annual mortgage insurance = None

Loan to value 78.01 percent – 90.00 percent

Annual mortgage insurance = 25 bps

Loan to value > 90.00 percent

Annual mortgage insurance = 50 bps

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

NMLS Unique Identifier #1838215

Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

Home Mortgage Disclosure Act Notice. The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.

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