White House Slashes FHA Fees To Boost Refinancings

Law360, New York (March 6, 2012, 6:40 PM EST) -- The Obama administration on Tuesday unveiled its intent to cut fees for up to 3 million borrowers who seek to refinance their federally backed home loans, claiming beneficiaries could save hundreds of dollars a year.

For loans backed by the Federal Housing Administration, the agency currently charges an up-front mortgage premium of 1 percent of the borrower’s loan balance and an additional 1.15 percent of the balance per year. The plan calls for the FHA to slash the up-front premium to 0.01 percent for streamlined refinancings...
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