FHA set to reduce mortgage insurance premiums

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Federal agency has plans to significantly reduce mortgage insurance premiums in the near future The U.S. Federal Housing Administration (FHA) has announced plans to cut mortgage insurance costs. The move is part of a larger endeavor that involves making it easier for families to purchase homes throughout the country. The FHA has a program that offers those with modest incomes the chance to purchase homes. This program is designed to support those that do not have enough money to make a significant down payment on a property. Insurance coverage for…

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FHA mortgage insurance rates to be slashed in 2 weeks

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As of January 26, premiums on a loan from the Federal Housing Administration could be cheaper. The Federal Housing Administration has now released the details of its intentions to lower the premiums on mortgage insurance, in an announcement that followed closely on the heels of the unveiling of President Barack Obama’s intentions to give the first time home purchasing market a boost. There will be considerable reductions in the insurance rates that will be charged on FHA-insured loans. For instance, when it comes to 30 year mortgages that have been…

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Home refinancing to see lower mortgage insurance premiums from the Federal Housing Administration

The Federal Housing Administration (FHA) has announced that it will be lowering the premiums for mortgage insurance for individuals who are refinancing their loans due to the housing market improvement strategy by President Barack Obama. The FHA has stated that it will be reducing the up-front premiums to bring them down from their former position at 1 percent, to 0.01 percent. This was indicated in a fact sheet that the Obama Administration began distributing on Tuesday. According to that same fact sheet, there will also be a reduction in the…

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More changes maybe looming for insurance refunds

The FHA, a provider of mortgage insurance, has been slowly changing their rules on insurance refunds through-out the past few years. Currently, you may qualify for a refund if you financed your newly purchased home within a three year time period, with a FHA loan and then refinance it today with another government insured mortgage. What’s been changing is the time period to qualify – within the past decade this open window for consumers has gone from 7 to 5 and now 3 years. Some speculate this refund of insurance premiums…

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