FHA slashes refinance fee

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.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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