Will my MIP (mortgage insurance premium) increase after a streamline FHA refinance?

Posted on Sep 2, 2012 in FHA Information

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Question by Amie T: Apply for an FHA loan before promotion?
My husband and I would like to apply for an FHA loan. He is at business training, drugs and will get a promotion when he returns to work on the 13th. He was going to come home for the weekend, and we were considering applying for the loan on Monday (before the promotion). Should we wait until he fully gets promoted, or can we inform the bank that he will be getting more pay in a week and they can confirm with his work?
This is just to get pre-approved for an FHA Loan.

Best answer:

Answer by loanmasterone
If you would wait to use the potential income from the promotion, your first contact with a FHA mortgage lender should be after you have received your first pay stub from getting the promotion. This then would be the income used for qualifying for your mortgage loan.

The lender would need proof of income not hear say or possibilities, the pay stub would prove without a doubt his income.

If you were to go apply for a pre-approval on Monday, whatever income was on your pay stubs, W-2 and other proof of income would be used.

I hope this has been of some benefit to you, good luck.

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Question by Kobe: Will my MIP (mortgage insurance premium) increase after a streamline FHA refinance?
I bought my house 2 years ago through a FHA loan. Im about to do a streamline refi, erectile but was told by the lender that my MIP (mortgage insurance premium) would almost double due to new FHA regulations. Is this valid?

Best answer:

Answer by Glenn S
It will go up because the MIP premium fees increased during that time. FHA increased mortgage insurance fees from .55% of the loan amount to 1.55% last year.

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