The current FHA streamline refinance allows a huge rate reduction for the upfront insurance premium and the monthly insurance payment. However, it is only available to homeowners who have a loan that was obtained before June 1st 2009. There are many people who have obtained loans after this date and are paying very high FHA insurance rates. Refinancing is just not plausible for them because the high insurance rates wipe out any benefit of the rate reduction in a refinance. Refinances for these loan holders will free up significant income for the middle class and stimulate economic spending. Please support this cause.
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