UPDATE APRIL 11, 2012: WE ARE ACCEPTING APPLICATIONS FOR FHA STREAMLINED REFI'S with reduced mortgage insurance – you DO NOT NEED TO WAIT UNTIL JUNE 11, 2012 TO REFI!
- If you closed your FHA loan prior to 2009 with your existing FHA loan, it's probably safe to assume your loan was endorsed by HUD in time to receive reduced MI rates and you may want to WAIT.
- If you closed your FHA mortgage from early 2009 to May 2009, you may need to check with your mortgage originator to see when your loan was endorsed.
- If you closed your FHA mortgage from June 2009 or later, odds are you do not qualify for the reduced rate and, if you don't act quickly (March is your last month) to start your FHA streamlined refinance, the higher mortgage insurance rates could make it so that it's no longer worth while to refinance despite current low rates. REFI NOW if you are interested.