By Teresa at MSN Real Estate Mar 6, 2012 2:10PM
Obama's plan would save homeowners about $1,000 a year on fees, in addition to what they save with the refinance. The program is limited to FHA loans issued before June 1, 2009.
President Barack Obama announced a program today to save homeowners who refinance their FHA mortgages an average of $1,000 a year in addition to whatever they save by refinancing.
The plan cuts the upfront mortgage-insurance premium from 1% of the loan amount to 0.1%. The annual fee will be cut from 1.1% to 0.55%. The White House estimated 2 million to 3 million homeowners would be eligible, though it predicted that only several hundred thousand would refinance.
To take advantage of the discount, homeowners must be current on their FHA mortgage payments. They do not have to have any equity in their homes; underwater homeowners can also refinance under the plan, which requires no appraisal or income verification. Loans must have been taken out before June 1, 2009, and be done through the streamline program. The Associated Press has a Q&A.
http://realestate.msn.com/blogs/listed- … n-us_msnhp
well any little bit helps..but is it enough?
by mrochellehoward 7 years ago
Can you have more than one FHA loan
by crankalicious 21 months ago
On Friday, his first day in office, Donald Trump's administration reversed a decision that would have cut the FHA mortgage insurance premium, which would have saved the average home owner about $500/year. It was set to go in effect on Jan. 27 and has been suspended indefinitely.Are you happy about...
by penneyb 7 years ago
i have a FHA loan threw met life can i still apply for a modificationmaking home affordable program i want to apply i have a fha loan
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