March 7, 2012
According to a recent report by Reuters, millions of homeowners nationwide could save approximately one thousand dollars a year by taking advantage of a new plan for more affordable government-backed mortgages.
President Barack Obama announced the plan on Tuesday, March 6; according to the Reuters report, it “would reduce fees on mortgages the Federal Housing Administration insures so as to enable borrowers with higher-cost FHA loans to refinance.”
Shortly after the announcement and the Reuters story was published, the FHA issued a press release on the new plan. According to HUD No. 12-045, “FHA ANNOUNCES PRICE CUTS TO ENCOURAGE STREAMLINE REFINANCING“, the new program changes the amount of Up Front Mortgage Insurance Premiums, effective June 11, 2012.
The press release states, “Today, Acting Federal Housing (FHA) Commissioner Carol Galante announced significant price cuts to FHA
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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