FHA VA Blog

There may be a reason to use FHA for a 15 year fixed refinance when you have more than 22% equity at the time you refinance. While there would be a 1% one time fee to HUD paid(financed) at closing. The likelihood is that your interest rate could wind up lower than even a conventional 15 year fixed rate, if you would like to apply go ahead and fill out an application and I will get back to you. ~ Ray

The chart below is effective for case numbers assigned on or after April 18, 2011 for forward mortgage amortization terms. Mortgage Insurance Premiums Loan Terms < / = 15 years and loan to value ≤ 78.00 percent Upfront mortgage insurance = 1.00% Annual mortgage insurance = None Loan to value 78.01 percent - 90.00 percent Annual mortgage insurance = 25 bps Loan to value > 90.00 percent Annual mortgage insurance = 50 bps