If I refinance an FHA mortgage before the new PMI rules take effect, will I have to pay premiums for the life of the loan?

FHA rules are based on the date the FHA case number is ordered for your file.. if you apply before April 1st, then you will be under the lower MI and it's subject to cancelation.. You don't have to close your loan before April 1st.. Your lender just has to order the case number prior to that date.. Once the case number is ordered, it's good for 6 months, so you have all that time to get your deal closed.. If you wait till after April 1st to apply and have the case number ordered, then you would be subject to the higher premium and it will be there for the life of the loan.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

No, you are safe !

No. The rules that are changing, which require borrowers to pay MMI for the life of the loan, only affect loans where the FHA Case number is assigned on or after June 3, 2013.

You would not have to pay the premiums for the life of the loan, as long as it closes prior to the revised effective date. Refinance before June and you'll be under the current regulations. Please feel free to call or email me and I can help you refinance before then. Ray at 254-449-7196 or rlewis@englending.com

Just make sure your lender pulls your FHA Case # before June 3, 2013.

Just make sure your lender pulls your FHA Case # before the June 3 deadline.

Do it before June!! Your good.

No you will only be required to pay it for 5 years unless you refinance to a conventional loan prior to that. Make sure you get your Case Number pulled prior to April 1st. to be safe.

Work with one of the fine lenders on this forum, and you will be fine.

Correction.. Increased MI goes into effect on case numbers ordered on or after April 1st.. the "Life of the Loan" rules go into effect for case numbers ordered on or after June 3rd... Here's the link to FHA's Mortgagee letter... http://portal.hud.gov/hudportal/documents/huddoc?id=13-04ml.pdf I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

No.

No you won't

William above stated it great. Apply at least a couple days with a Lender411 loan officer before April 1st then have a case or pulled and you will be good for 6 months.

FHA rules are based on the date the FHA case number is ordered for your file. The new rules will have the upfront premium going up with all case numbers ordered on or after this date. The PMI rules for the life of the loan will not go into affect until those case numbers are ordered on or after June 3, 2013. Once a case number is ordered, it's good for 6 months, so a good lender should be able to close the loan in that time. Please note that changes to annual MIP does not apply to Streamline Refinances that refinance existing FHA loans that were endorsed on or before May 31, 2009. --->>> If you are interested on talking about this further, I am a license broker here in the State of Missouri, but have other loan officers in my office that are able to handle loans in the midwest. Give me a call at 314-744-7806 to see if I can be of any assistance to you.

FHA rules are based on the date the FHA case number is ordered for your file. The new rules will apply for those Case numbers ordered on or after April 1, 2013. The annual MIP will increase on all FHA loans effective this date. In regards to your specific question, the FHA case numbers assigned on or after June 3, 2013, FHA will collect the annual MIP for the maximum duration permitted under statute. Some will be for life where there are some that will only be for 11 years, depending on various factors such as Term of the Loan and the Loan to Value when the loan originated. Changes to annual MIP does not apply to Streamline refinances that refinance existing FHA loans that were endorsed on or before May 31, 2009. I am a Broker here in the State of Missouri. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 314-744-7806. Castelli.ValuedLender.com.

No

As long as you have your case number issued before 03/31/2013

Like everyone has said, don't wait. Start your application and ensure your lender obtains your case # now.

As long as your case number is obtainied before 6/1/13 your wont be subject to the new rules.

As long as you completed your refinance before June, you will not be subject to pay for mortgage insurance for the life of the loan.

Go to my facebook page and scroll down to a post from yesterday and you will see the Mortgagee letter directly from the Department of Housing and Urban Development. Simply search for "Larry Lechel"

My office is in Auburn. Feel free to stop by and we can review your options in person.

I am located in Auburn as well. Why don't you stop by so we can review your options!

C, These folks are correct about pulling case numbers by June 3rd. The April 1st deadline only changed the monthly MI factor by 10 basis points. It's the June 3rd deadline that adds "lifetimeMI". What a ripoff.... I'f I were you I'd be looking non-FHA options. I've been taking a lot of my past clients out of FHA loans all together. There are much better deals available right now. Give me a shout if you want me to tell you about them. Will 517-2207

I'm and FHA professional; send me an email so I can answer all your questions, before you make any type of decision. Chris.Caporiccio@wellsfargo.com