Only a Short time to take advantage of the lower Monthly MIP - Ohio Streamline Refi or Purchase

FHA has announced that After Sept 6, 2010 they will be changing the way FHA's MIP (Mortgage Insurance Premium) will be collected. Presently, FHA collects 2.25% of the Loan Amount upfront and can be financed, After that a monthly premium of .50% or .55% (Based upon the LTV) is collected on a monthly basis. Effective Sept 6, 2010 the upfront premium will be lowered to 1.00% however the Monthly premium will increase to .85% or .90% (Based upon the LTV).

With every change there is good and bad. For homeowners or home buyers planning on keeping a mortgage greater than 4 years the current Mortgage Insurance Structure is better. With the New Mortgage Insurance structure homeowners or home buyers can expect their monthly payment to increase about 3%.

In another post I will be promoting borrowers with a Current rate above 5.50% to research the use of a FHA RATE AND TERM STREAMLINE REFINANCE. In that post, I will explain how some home owners can refinance their current home WITHOUT AN APPRAISAL and without NO money out of Pocket.