About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

With the reserve funds for the FHA dwindling there is growing speculation that the FHA may need to raise its fees to stay in the black during these tough times in the housing market. Many of the possible fee hikes will affect home buyers mostly — hikes in the minimum down payments for instance. But other possible changes could affect refinances as well. Among the ideas being considered are possibly raising the mortgage insurance fees (currently at 1.75% up front and .55% annually) or even raising the minimum credit score requirements (currently at 620 for most lenders). Whatever the case, with rates likely to increase soon anyway, now is the time to look into refinancing. Contact us in the sidebar if you think you are a candidate for a government-backed refinance.

Comments (0) Posted by G.R.A. Admin on Monday, November 23rd, 2009

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