Underwater homeowners with mortgage guaranteed by Fannie Mae and Freddie Mac will be able to refinance their loans under Obama’s new plan, saving themselves about a thousand dollars a year if they fill out all the paperwork correctly.
Kathleen Pender writes:
Another day, another government refinance program.
On Tuesday, the Federal Housing Administration announced it will slash mortgage insurance premiums for certain homeowners who refinance an FHA loan into a new one under its streamlined program.
To qualify for the reduced premiums, a homeowner must be current on a mortgage taken out and insured by FHA before June 1, 2009. Current means no more than one 30-day-late payment in the past six months and no more than two in the past year.
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