streamline: Obama announces new FHA Refinance Program - 03/06/12 03:47 AM
President Obama announced today that FHA will lower its upfront and annual mortgage insurance premiums for it's streamline refinance program. This is big news for homeowners who currently have an FHA loan and have been shut out of the refinance market and historically low interest rates. FHA increased it's annual mortgage insurance premium (which is paid on a monthly basis) for loans they insure from 0.55% to 0.90% in October of 2010 and again in April of 2011 to the current rate of 1.15% more than double what it was previously. Many homeowners with mortgages they took out prior to October … (1 comments)