The New Mortgage Refinance Program

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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About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (, he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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