Mortgage Monday: FHA Refinancing Fees Cut

FHA Refinancing Fees Cut

The Federal Housing Administration announcd that it will cut costs on refinanced loans under the Streamline Refinance Program.

The cost of upfront mortgage insurance on FHA loans will be reduced to 0.01 percent of the loan amount effective June 11, 2012. This is a drop from 1 percent of the loan value.

Qualifying borrowers must be current on an existing FHA-insured mortgage signed on or before May 31, 2009.

Contact your loan officer to see how much you will save by taking advantage of this new program designed to assist home owners to lower thier mortgage payments.

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