If the original loan amount on the hud1 settlement statement is 450,000 that
will be the base max. amount FHA will allow on the new loan plus the FHA
mortgage insurance that will be dumped on top. So if the mip is 4500.00 the
base loan amount with the mip will be 454,400. They will be charged the mip
in the closing cost but they will get a credit for the 4500 on the front of
the hud so they don't have to bring the money to closing. If you have any
questions call..



Traci Standifer-Henderson

Mortgage Planner

214-455-9503 office

888-711-4563 fax



From: mortgagebrokers@yahoogroups.com
[mailto:mortgagebrokers@yahoogroups.com] On Behalf Of VC OB 1 (One)
Sent: Monday, April 27, 2009 4:42 PM
To: Mortage Group Yahoo
Subject: [Mortgage Brokers] (unknown)









When doing the streamline & with the new loan amount being what
the original loan amount was & that loan amount won't cover the fha ins.
premium in the closing costs rolled in, is it possible to have the fha ins.
premium rolled on top of the original loan amount ?

I did some reading over the weekend and thought I saw an article that states
the fha ins. premium can be added on top of the loan amount.

I have this scenario right now & I'd like to know what can be done before I
comment one way or another to the family. Their fha ins. premium is
approximately $6,000 on a $430,000 original loan amount. They don't want to
come into closing with the $6,000 as that is their #1 concern w/ doing a
streamline.





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