Home Loan Refinancing Program Proposed By President Obama
New plan would allow borrowers with private loans to refinance with FHA
Posted on February 03, 2012 by Matt.
A couple of days ago, President Obama announced his latest proposal to help turn around the struggling housing market. His plan is designed to help millions of homeowners with private, non-government bank home loans refinance their loan into a new one backed by the Federal Housing Administration. The article states that qualified borrowers would save an average of $3,000 a year through this plan and that the cost of the plan would be paid for by a fee imposed on large banks. The article, "Obama proposes new home loan refinancing plan," is available on CNN Money and is a great read for any current homeowner who has experienced difficulty refinancing their home loan up to this point.