If you have a client with an FHA loan who wants to refinance to a better FHA loan (read: one with a lower rate), the Obama Administration has a deal for you. Er, your client.

A new program/initiative/thing announced March 6 cuts the upfront cost of mortgage insurance for borrowers taking advantage of FHA’s Streamline Refinance program (the “upfront mortgage insurance premium”) from 1% to 0.01%. That’s a 99 percent reduction.

The White House figures two to three million people are eligible, and that each one would save about $1,000 per year.

Read more at the Wall Street Journal or at The Mortgage Reports or at Calculated Risk.