FHA Streamline and VA IRRL Refinancing

Rates have dropped. A lot.

If your client purchased between 6 and 18 months ago, then there is a very good chance that their mortgage rate is much higher than current rates.

What to look for

  1. If their rate on their VA or FHA loan is over 6.25% today, then they are paying too much and very likely the meet the threshold for a refi.

  2. If they purchased before March 20th, 2023 with an FHA loan they are also paying too much on Mortgage Insurance.

    See examples below.

What to do next

After reconnecting with one of your valued clients who is paying too much for their mortgage, simply click on the button below to open a pre-worded email.

Simply drop in your and their information and hit "Send", then sit back and wait for the praise and thanks to roll in.

Don't for get to ask!

Make sure you ask your valued client about their friends, family members and colleagues who may also be looking for to buy or sell (or even refi).

Conventional Loans

This program is all about FHA and VA loans because the streamlined refinancing is so easy, but rates have dropped on conventional loans too. If you know anyone who closed with an interest rate over 7.50% they too may be eligible for a significant rate reduction.

It's worth noting that FHA borrowers will need to come to the closing table with cash to close. Closing costs cannot be financed into the new streamline FHA loan.

Refi Example

A client with a $250,000 loan and a 6.50% rate today could refi into 5.75% rate with zero points, and finance the closing costs into the new loan.

The resultant payment will be around $92/month lower. That's the equivalent of a $1,409* a year pay rise.

Closed before March 20, 2023 Example

FHA lowered their Monthly Mortgage Insurance Premium by 0.30% on March 20, 2023.

That means that FHA borrowers can pick up the benefit in lower mortgage rates AND the lower Mortgage Insurance Premium. Using the same example above, the homeowner could save $144/month, or the equivalent of a $2,205* annual pay rise.

*Annual pay rise assumes borrower earning $60,000/year with an average tax rate of 21.6%.