MAJOR FHA ANNOUNCEMENT

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As of March 6, 2012, President Obama announced a refinance program for people who have FHA mortgages.  Until recently, FHA mortgage holders were shut out of the government refinancing programs that aimed to help borrowers who lost the equity in their homes, thereby, disqualifying them from traditional refinances.

The program is designed to aid borrowers whose last FHA transaction (whether purchase or refinance) closed prior to June 1, 2009. 

There was an additional announcement in the attachment that will become effective for FHA case numbers assigned on or after April 9, 2012.  The new MIP premiums will increase from 1.10% monthly to 1.20% for loans below 95% loan to value.  For loans with values above 95% those monthly premiums will increase from 1.15% to 1.25%.  It is imperative if you have a mortgage that closed after June 1, 2009 and is around 5% that you call to see if refinancing makes sense.

Additionally, at some point this month HARP 2.0 will be released.  This program is for Fannie Mae owned loans that were sold to Fannie Mae prior to June 1, 2009.  If you want to find out if Fannie Mae owns your loan, please visit the following website: http://loanlookup.fanniemae.com/loanlookup/

 If you would like more information, please call us.  If any friends, family, co-workers or neighbors fall into one of these categories please share this email.  Check back at www.assuredmortgages.com for updates or “Like” us on Facebook at http://www.facebook.com/ambcmortgage

• CONFORMING AND FHA LOAN LIMITS ARE UP TO $625,500.00!
• Financing up to $2 million available
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• We are FHA Specialists. We get the tough deals done.
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For almost 15 years we have served New Jersey residents as a correspondent mortgage banker. We approve and fund your loan. With our technology, we can close your loan within days. Most importantly, our loan officers offer convenient, in-home appointments for potential borrowers, eliminating conflicts that often arise with customers’ hectic daily schedules. You can rest ASSURED that your mortgage will be closed without stress on the settlement date.