Thinking about refinancing to take advantage of the low rates, but concerned about fees? Well the FHA has developed a streamlined refinance program to help FHA borrowers who acquired their loans on or before May 31, 2009.
In just three months, beginning on June 11, 2012, the FHA will lower upfront mortgage insurance premiums to .01 percent and reduce annual premiums to .55 percent. Borrowers must meet the time requirement (on or before 5/31/09) and must be current on their loan. “This is one way that FHA can make a real difference to help homeowners who are doing the right thing, paying their bills on time and want to take advantage of today’s low interest rates,” said Carol Galante, acting FHA commissioner “By significantly reducing costs for these borrowers, we can make certain they cut their monthly mortgage burden which will benefit the housing market and the broader economy in the process.”
So if you are a FHA insured homeowner, contact us today and let us get you ready to prepare for some additional savings!
Jeff Brang, Broker Associate with Podley Properties – Direct: 626.664.9998