mortgage insurance premium<\/u><\/a> requirements (MIP). This refinance is even FHA-insured. Hence, borrowers need to pay two types of mortgage insurance payments. <\/p>\nFirst, is an upfront payment paid at closing, and the second is an annual payment, which is split into 12 installments and paid with your monthly mortgage payments. <\/p>\n
With respect to mortgage insurance premiums, homeowners using the FHA Streamline Refinance program are divided into two classes. <\/p>
First, homeowners whose new loan replaces an FHA-backed mortgage endorsed before June 1, 2009, and Second, homeowners whose new loan replaces an FHA-backed mortgage approved on\/after June 1, 2009. <\/p>\n
The borrowers with old FHA mortgages have a different MIP structure compared to the latest FHA borrowers.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t