Today, Acting Federal Housing (FHA) Commissioner Carol Galante announced significant price cuts to FHA’s Streamline Refinance Program that could benefit millions of borrowers whose mortgages are currently insured by FHA. Beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers.
President lays out plan in State of the Union Address
Back in the middle of this decade, new construction sales surged as we experienced one of the hottest housing markets of the past century. It seemed that there was a buyer for any and every home built. The last three years has shown us the exact opposite. Calculated Risk reports new construction sales in 2011, 2010 and 2009 were the lowest since 1963.
The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings.