Delaware FHA Streamline Refinance Guidelines 2012

If you currently have an FHA Loan then you are eligible to refinance your existing Delaware FHA loan using the streamline refinance guidelines.  The guidelines are different depending on when your current FHA loan was delivered by your lender to FHA after it was originated. If your loan was delivered to FHA before June 1, 2009, then you can take advantage of the new refinance guidelines put into place by President Obama that took effect on June 11, 2012. If your loan was delivered to FHA after June 1, 2009, then you must use the FHA Streamline Refinance guidelines that took effect on April 9, 2012. Apply Now for an FHA Streamline Refinance by calling 302-703-0727 or APPLY ONLINE for Delaware FHA Streamline Refinance

FHA Streamline Refinance Guidelines for loans before June 1, 2009

• Upfront Mortgage Insurance Premium (MIP) is only 0.01%
• Monthly Mortgage Insurance is only 0.55%
• No appraisal required
• No income verification
• New Loan amount is outstanding principal balance plus interest for the current month
• No Late payments on the mortgage in the last 12 months and must be current on mortgage

FHA Streamline Refinance Guidelines for Loans after June 1, 2009

• Upfront Mortgage Insurance Premium (MIP) is 1.75%
• Monthly Mortgage Insurance Premium is 1.25%
• No Appraisal
• No Income Verification
• New Loan Amount is Outstanding Principle Balance plus Interest for the current month minus and MIP refund
• No late payments on the mortgage in the last 12 months and must be current on the mortgage.

If you want to check to see when your loan was delivered to FHA you will need to get your FHA case number from when you received your loan. For all Delaware loans, the case numbers start with the same three numbers 071-XXXXXX. Your FHA case number is on your mortgage note which you should have received a copy from the attorney at settlement when you closed on your loan. If you had an appraisal done, the FHA case number is on the appraisal as well.

Once you have your FHA case number for your current loan you can call us in the office at 302-703-0727 and we can run your case number through FHA’s website called FHA connection to get the date your Delaware mortgage loan was delivered to FHA. You can also e-mail us at jthomas@primeres.com.

Once you know when your loan was delivered to FHA you know which guidelines will be used for your streamline refinance. This can drastically affect your monthly mortgage payment as the monthly mortgage insurance is more than double for loans after June 1, 2009.

No appraisal is required FHA will use the last appraised value as the value. This is very import because even if you are currently underwater on your mortgage (owe more than your house is worth) you can still refinance because we aren’t required to have an appraisal done.

No income verification is required but you are required to not have any mortgage lates in the past 12 months. If you have paid the mortgage late by more 30 days or more in the last 12 months then you must wait until you have paid on time for 12 months to take advantage of the FHA streamline refinance. We are required to verify that you are currently employed.

You will be required to verify any funds needed to bring to closing by providing the most recent bank statement for the past 30 days showing sufficient assets to close. You will be required to source any deposits into the account.

FHA refinances are always closed at the end of the month whenever possible because your current lender will charge interest for the entire month in which you pay them off no matter when they receive the payment. So if you are closing in September you will be charged interest for the entire month of September on your payoff statement from your current lender no matter whether you pay them off September 1st or September 30th.

When refinancing Federal Law requires a three day recession period after your loan closes before it can fund to provide you with a chance to change your mind and cancel the refinance. So you must make sure you close with enough days for the loan to fund by the end of the month. If you don’t fund before the end of the month and it funds on the first of the next month then your current lender is allowed to charge you interest for the entire next month!

Delaware FHA Streamline Refinance Loans are a great way to refinance your current home loan to lower the interest rate without much hassle.  Call us now to take advantage of all-time record low mortgage interest rates by calling 302-703-0727 or you can APPLY ONLINE for a Delaware Refinance Loan

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713