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FHA Insurance Premium Cut Results in Borrower Refunds.(Federal Housing Administration)(Brief Article)(Statistical Data Included)

Los Angeles Business Journal

| April 16, 2001 | HARNEY, KENNETH | COPYRIGHT 2009 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

ALERT homeowners know that mortgage rates have dropped significantly in the past 10 months. They also probably know that as a result, there's a refinancing boom underway.

But thousands of them appear to be missing one of the sweetest and least-publicized opportunities in the refinancing boom -- a situation where you can not only lower your mortgage rate, but also get substantial cash from the federal government for doing so.

Here's the deal. Effective Jan. 1, the largest federal source of low-down-payment mortgage money, the Federal Housing Administration, cut the amount of the insurance premium it charges new borrowers for their loans. The 2.25 percent…

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