The Obama administration today announced a plan that will reduce the cost of refinancing for 2 to 3 million homeowners. The plan announced that the Federal Housing Administration (FHA) will reduce the upfront mortgage insurance premium (UFMIP) form 1% to 0.1%, and the monthly insurance premium from 1.15% to 0.55%. The combination of these can [...]
Category | FHA loans
With the resurgence of FHA home loans, many home owners are wondering if they can benefit from an FHA loan. The truth is that you may or may not benefit by converting your existing loan into an FHA loan when you refinance. Some of the factors that can determine if an FHA loan is right [...]
