When will the streamline endorsement date change for FHA loans? I was closed in Oct. of 2010

Good Morning. Your endorsement date is NOT the same as the date you closed. FHA must receive the original file and then they endorse it. It is highly unlikely that they will role back the special offering for reduced MI to any time other than what is already on the books (prior to May 31, 2009). I hope that answers your question.

For the lower MI, you won't qualify.. Your current MI rate is .55%, the new MI rate today is 1.25% (April 1st, it goes to 1.35%)... the best formula to see what your potential savings would be is to add 0.7% to your new rate and compare it against your old rate.. Example.. Your current rate is 5.75%, the new rate would be 3.5%.... 3.5% + 0.7% = 4.2% - 5.75%= 1.55% Your effective interest rate would be 1.55% lower than your current rate of 5.75% when you consider the increased MI.. which could be very well worth doing... 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

Unless your interest rate was very high when you obtained your loan, and it probably wasn't, or your loan size is very large, you are correct in your assumption that the increase in the monthly MIP PLUS the new up-front MIP will eat up a significant chunk (if not all) of your savings. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

It is very simple to see if there is a savings or not by supplying your current interest rate as that would be reviewed against today's rates. You can gauge the savings needed from the rate spread, which should be at least 1.5%. So, if your rate is around 5% now and you could get a 3.5% rate, you should have the required 5% savings needed to complete a streamline refinance. I would be happy to work up some more accurate numbers if you wanted to reach out to me directly!

The loan closing date and the "endorsement date" are two different things. The endorsement date is usually about a month after your closing date. Endorsement simply means the date FHA officially put their mortgage insurance on your loan. Only a lender can look up your endorsement date. With that said, your date is clearly past May 31, 2009, which is the arbitrary date FHA set for grandfathering you in under the older cheaper FHA Mortgage Insurance. So, that doesn't mean you can't still get a great FHA refinance. Go sit down with a local broker to discuss your personal situation and see what kind of savings a new FHA Streamline Refinance might give you. www.FHA-Streamline-Refinance-MN.com