Great News Indiana! FHA Lowers Mortgage Insurance Premiums For Some Refinancing!
Great News Indiana! FHA Lowers Mortgage Insurance Premiums For Some Refinancing! The Federal Housing Administration will lower mortgage insurance premiums for borrowers who refinance their loans as part of President Barack Obama’s plan to improve the housing market. The FHA will reduce up-front premiums to 0.01 percent of total loan amount from 1 percent under the plan announced by Obama. Annual fees will be cut to 0.55 percent from 1.15 percent for borrowers with FHA loans made before June 1, 2009, according to a fact sheet distributed by the Obama administration. “I’m not one of those people who thinks we should just sit by and wait for the housing market to hit bottom,” Obama said at a recent news conference. “There are real...
Read MoreFHA To Raise Mortgage Insurance Premiums On April 1,2012
Because of the continuing decline of the FHA insurance fund, not to mention projected futher losses; the Federal Housing Administration has decided to increase their monthly fee as well has the upfront mortgage insurance premiums. FHA will, once again, raise its mortgage insurance premiums April 1, 2012. All FHA mortgage applicants; first time buyers and repeat buyers will incur the higher upfront and monthly fees. Click here to see if you qualify for an FHA mortgage loan It has recently been announced by President Obama that the FHA Streamline is not going away, as previously rumored. The FHA Streamline is a program that lets borrowers who pay their mortgage on time to take advantage of lower interest rates without having go through the qualification...
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