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New FHA Mortgage-Aid Plan

Obama administration has unveiled a new mortgage-aid plan to help homeowners and first time buyers with FHA (Federal Housing Administration) mortgages. The government is going to lower the fees associated with refinancing a FHA mortgage and for first-time FHA borrowers.  The explanation of changes is:

“The fee is now 1.15 percent of the mortgage balance each year. Those fees are unappealing to many borrowers who want to refinance. The plan would cut the fee to 0.55 percent. The current up-front premium would also be lowered, from 1 percent of the loan balance to .01 percent. As a result, a borrower who owed $175,000 on a mortgage could save about $1,750 in one-time fees and more than $1,000 per year in annual fees by refinancing. The borrower could save nearly $150 a month more if the interest rate declined from 5 percent to 4 percent.”

If this sounds like something you might be interested in, contact Grayton Coast Properties for Santa Rosa Beach Lenders who can provide more information on mortgage-aid programs. (850)231.2886

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