Last week President Barack Obama announced a new mortgage relief effort that will help millions of homeowners refinance. A cut in fees in government-backed mortgages will help two to three million eligible homeowners.
According to a Yahoo News article, a Federal Housing Administration loan can be refinanced into a new FHA loan, saving a thousand dollars a year to homeowners. This is in addition to the money saved from a lower interest rate.
“I’m not one of those people who believe that we just sit by and wait for the housing market to hit bottom,” Obama said at a news conference. “There are real things we can do right now that would make a substantial difference in the lives of innocent, responsible homeowners.”
The President introduced these reduced mortgage fees alongside a program that will help military personnel who may have been wrongly foreclosed on or denied refinancing.
To find out if you are eligible for this mortgage relief effort, contact your mortgage loan professional.