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Yesterday the commentary noted, “Every FHA lender in the nation knows that the monthly Mortgage Insurance Premium (MIP) for FHA will be increasing with all case numbers pulled after April 1, 2013. What perhaps fewer know is when borrowers are able to stop paying MIP. Currently if a borrower has a loan with a term greater than 15 years and the loan to value is greater than 78%, then they will have MIP for 5 years and must pay the loan down to 78% LTV based on the original sales price (unlike a conventional loan which will use current market value to determine LTV). After today, not only is the MIP going up, the amount of time the borrower has MIP is changing too. For loans with an LTV greater than 78% up to 90% LTV they will be living with MIP for 11 years. You pop over to this drugstore probe cialis should take the cheapest 5 to 10 quotes and try to play them off each other. There are also other treatments that are available in exciting flavours such as Strawberry and Pineapple cialis super viagra in addition to Mint and Lemon. There are some products on the market that promise to give you a bigger penis, the manufacturers of Vigrx Plus are more honest. discount cialis Presence of boswellic acid in shallaki prevents indigestion, cures constipation, improves the vision tadalafil 20mg cipla of eyes and relieves stomach disorders. If the LTV is greater than 90% they are in for life of the loan (ouch). Bailing out of MIP using LTV is out – it will become strictly a function of time.” The MIP duration issue actually takes effect in June. So effective with case #’s starting June 3, 2013 is when FHA MI is no longer cancelled:HUDDocument. The annual MIP assessment period will not change until case numbers ordered on or after June 3^rd, per Mortgagee Letter 13-04.  Also effective with case numbers ordered that day, 15-year loans with a 78% or less LTV will also begin to carry annual MIP.  The rest of the MIP factor changes occurred yesterday, but we have a bit of a reprieve on the drop off periods.

The Home Affordable Refinance Program, also known as HARP, is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages. Unlike the Home Affordable Modification Program (HAMP), which aims to assist homeowners who are in danger of foreclosure, this program targets homeowners who are current on their monthly mortgage payments but are unable to refinance due to dropping home prices in the wake of the U.S. housing market correction.

It takes only a few minutes to see if your home qualifies.

You can check your property at either of these two websites:

For Fannie Mae: https://desktoporiginator.fanniemae.com/

For Freddie Mac: https://ww3.freddiemac.com/corporate/

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We have closed hundreds of these loans last year. We know how to make this process as stress free as possible.

We work with many lenders – we have heard many times that someone believes they do not qualify only to find that they do. We do the foot work to find the best loan fit for your situation.

We have refinanced people that were over 200% LTV – we have refinanced investment properties and manufactured homes. We often get appraisal waivers and this program is more forgiving of credit scores and debt to income ratios then conventional loans.

I am your Home Loan Answer Man. Call my office toll free at 855-562-6705. Rates are great, now is the time.