A new program for FHA goes into effect in early June that should help current FHA borrowers refinance with reduced insurance preimium costs and allowing them to take avaantage of the low mortgage rates. This effects FHA insured loans originated before June 2009. The annual insurance premium will be reduced to 55 basis points from 115 bps. and the current 1.75 bps upfront premium is being reduced to .1 bp—the lowest possible under the FHA program.
FHA refinances changing for the better in June
April 26, 2012 By