Greenville Homeowners Have New Options for Refinancing

March 7, 2012 - PRLog -- The Federal Housing Administration has anounced that it will lower mortgage insurance  premiums for eligible borrowers who take advantage of today's low interest rates by refinancing. The announcement came tuesday and was outlined in a budget proposal distributed by the Obama Administration.

The new changes will be an up-front mortgage insurance premium of .01% to take the place of the current 1% charge, and a monthly mortgage insurance factor of .55% instead of the current 1.15% charge. To be eligible, borrowers must have FHA loans originated prior to June 1, 2009. These new changes will take affect on loans originated on or after June 11, 2012.

These changes come after lenders began adopting new underwriting standards that would allow borrowers to refinance even if they owe more than thier home is worth. The FHA estimates that the new mortgage insurance premiums would save every eligible borrower $1,000 on average, and that as many as three million homeowners could bennefit from the program.

The new premiums on FHA mortgage insurance will help homeowners in Greenville  and throughout the upstate of South Carolina take advantage of today's historic low interest rates while paying reasonable fees for mortgage insurance. If you are a homeowner in Greenville or the greater Greenville area, visit http://www.greenvillehomemortgage.com for more information.

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Adam Groblewski with South Carolina Mortgage Associates has the experties to help clients in Greenville, Greer, Simpsonville, and all over the upstate find the best mortgage programs at the best rates on thier purchase and refinance mortgage transactions.
http//www.GreenvilleHomeMortgage.com