FHA Lowers Mortgage Insurance Premiums for Home Refinance
This article is for subscribers only.
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 today during a news conference at the White House. 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.