Main Line Homes Blog


If your existing mortgage is an FHA loan

Recent changes could lower your monthly payment

Effective June 11 2012 the Federal Housing Administration (FHA) is lowering their mortgage insurance premiums for qualified customers who meet certain criteria. Lowering the insurance costs means a reduction in the monthly mortgage payment for many customers with FHA loans that are refinanced.

The Details:

Mortgage insurance is required for most FHA loan products. There are two mortgage insurance premiums (MIP) required - upfront and annual. This refinance opportunity is due to FHA reducing both insurance premiums for existing qualified FHA customers who meet specific criteria including:
Your FHA loan was endorsed (insured) on or before May 31 2009, and:

- The FHA case number for a new loan is assigned on or after June 11, 2012.
- There have been no late mortgage payments in the last six months.

If you are eligible or have questions please email me for a list of local mortgage providers who can answer your questions

If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you,  contact us or connect

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Nick and Trudy, Great information for many homeowners!  It's always good for everyone if homeowner's mortgage payments go down!

Posted by Carol Faaland-Kronmaier, PhD, e-PRO, Manville, Hillsborough, Somerset NJ (Weichert, Realtors; Hillsborough) over 6 years ago

Nick & Trudy - Thank you for sharing detailed quality information on if your existing mortgage is an FHA loan.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) over 6 years ago

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