You are in luck. From the WSJ:
White House Cuts Refinance Fees
The U.S. government will cut fees on federally insured mortgages that have prevented some borrowers from refinancing their home loans at ultra-low interest rates, the latest in a series of White House efforts to boost the flagging housing market.
The change was announced Tuesday by President Obama. Mr. Obama’s administration has focused on revamping its efforts to aid the weak housing market of late after falling well short of its initial goals set out in early 2009.
The White House estimated that between 2 million and 3 million homeowners would be eligible and said the reduced fees would save homeowners around $1,000 per year. The administration has been pushing to allow more homeowners to take advantage of interest rates that have been averaging under 4% for 30-year mortgages, the lowest levels on record.
“This is not something the government, by itself, can solve,” Mr. Obama said at a news conference. “But I’m not one of those people who believe that we should just sit by and wait for the housing market to hit bottom.”
The changes will apply to borrowers with loans backed by the Federal Housing Administration, a federal agency that guarantees mortgages made to borrowers who have weaker credit scores and need low down payments.
Those borrowers are currently allowed to refinance into new FHA loans without providing verification of their credit score, income or a new appraisal. However, high fees have prevented many from doing so.
Since the FHA guarantees these loans and is on the hook for any losses, allowing these borrowers to take advantage of low rates could result in fewer defaults for the agency.
The insurance premiums that FHA borrowers must pay up-front for refinanced loans will be nearly eliminated, falling to just 0.01% of the loan balance–or a fee of just $17.50 for a $175,000 mortgage. In addition, the FHA will also cut in half the annual premium it charges to 0.55% from 1.15% of the loan balance. That means this fee will drop to about $960 from about $2,000 on a $175,000 loan.
However, the changes apply only to borrowers who took out loans before June 1, 2009. As a result, the majority of FHA borrowers won’t be able to take advantage of the reduced fees.
FRISTY
Whatever happened to SAS?
The septic financial swamp- otherwise known as FHA- continues to be pumped full of toxic, virulent sludge.
This is another entity where there should be a happy, shiny outcome.
FOURTH!!!!
I am loving Doomsday Preppers on NatGeo Channel.
It would be less expensive if B.O just dropped off cash at the homes of people whose votes he wants.
Everyone with a brain will soon have to seriously consider leaving this country. The turning to sh_t process has been thrown into 5th gear. Maybe Ayatollah Santorum can save us.
Your homesteads are not safe if they are covered in 6 inches of radioactive fallout.
#3 Clot
I prefer your old decription of it “Trying to tamp 5lbs of sh1t into a 3lb bag”
#6 Shore
What do you mean, “buy votes” after last nights performance I’m upping the prediction to O on a double digit blowout.
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