On January 6, President Obama announced his new mortgage plan, enabling eligible homeowners to save an average of nearly $1,000 per year.(1)
This little-known, newly introduced government program enables about 8 million Americans to refinance their mortgages at much lower interest rate. The average homeowner is expected to save close to $1,000 in the first year.
The president dropped the FHA mortgage insurance premiums across the board. Homeowners who don’t check their new rates are literally wasting money. All they need to do, is to go through the quick 60-second rate-wizard to find out whether they are eligible. Remember, 8 million people qualify this year!
Quick Version: Smart homeowners are using a free government program to save as much as $1,000 in the first year on their mortgage. There’s absolutely NO COST and minimal paperwork involved. Click here to instantly see if you qualify.
Giving back to the middle class
Listen, the typically borrower saves almost $1,000 with the FHA refi program. The Government is demanding the banks cut your rates. That means you get to keep more of your hard-earned money in your pocket – and that will boost the economy.
How do I know if I qualify?
If you’re one of the nearly 8 million homeowners with an existing FHA loan, it’s a no-brainer for you to refinance. The action from the Federal Housing Administration is expected to save the typical homeowner nearly $1000 a year in mortgage insurance costs and requires minimal paperwork.
What if I don’t have an FHA loan?
Homeowners without FHA loans may also be eligible to take advantage of the plan. FHA underwriting guidelines are typically more flexible when it comes to dealing with credit issues and other qualification factors. Often homeowners can refinance into an FHA loan much more easily than a conventional refinance, especially if they’ve had credit issues.
Will this help me buy a home?
Absolutely! The White House designed this program to help increase homeownership. It’s estimated that this could help 250,000 new home buyers to purchase a home. FHA loans typically require only 3.5% down payment, instead of the typical 20% for a conventional loan.
How to get started?
The best way to find the lowest rates is through a free website that compares available programs for consumers. Sites such as FHA Rate Experts (FHA) offer consumers access to dozens of FHA lenders on its network. And if it turns out that you aren’t matched with an FHA lender, the site can connect you with a mortgage broker, attorney, or other service provider who may be able to assist you with your mortgage situation.
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