I was told that if u already had an FHA Loan, that u could keep the rate,your mortgage Insurance was now

Please provide the full question-Thanks in advance,Pete

If you are talking about the changes that happened on April ! and the pending Change for June1. If you had an existing FHA loan you are correct they don't affect your loan. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates!

Sorry, need more details to understand the question. Assume you are talking about refinancing? - but not really sure.

I believe you may be talking about a streamline refinance. You can do a streamline refinance on an FHA mortgage anytime after 6 months of on time payments. If your mortgage was taken out prior to May 31st 2009 you can use the .55% PMI rate.

Any mortgage originated with a case number assigned after 04/01/2013 will fall under the new mortgage insurance rules. EXCEPT for streamline refinance transactions that refinance existing FHA loans that were endorsed on or before May 31, 2009. As of June 3,2013 loans with LTV greater than 90% the MI will remain for the life of the loan and not auto cancel at 78%. FHA loans with LTV less than 90% will have MI for 11 years and will no tcancel at 78%. There are additonal changes to MI for fifteen year mortgages too. The only way your MI will not change is if you closed your current FHA loan before 05/31/2009.

details please, too general of question to provide a specific answer Craig 954 558 4430