NEWS UPDATE: Obama Announces FHA Refinancing To Get Less Expensive
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- FHA to reduce annual mortgage insurance premiums by $900 per year for the average first-time homebuyer
- Mortgage insurance savings applies for new home purchase or existing home refinance FHA loans
- More than 800,000 FHA borrowers are projected to take advantage of these lower rates this year
- Lowered premiums will create opportunities for 250,000 new homeowners to purchase a home in the next three years