The Federal Housing Administration (FHA) announced in Mortgagee Letter 2012-04 that FHA loan holders whose mortgage was endorsed by FHA on or before May 31st, 2009 are eligible for an FHA streamline refinance with reduced upfront mortgage insurance and monthly mortgage insurance of .55% monthly.
NO APPRAISAL REQUIRED:
Borrowers without equity may take advantage of lower rates
NO INCOME VERIFICATION:
Debt-to-income ratio is not calculated (must prove income source but not income amount)
REDUCED MONTHLY PAYMENT AND MIP:
Borrowers may have significant savings both monthlyand over the life of the loan
Borrowers utilizing the FHA streamline program will be securing Fixed Rate Mortgages