Guidelines and Facts for FHA Loan Borrowers in 2018. The Service Members Civil Relief Act passed in the 1940s allows active military people to qualify for an interest rate reduction to a maximum of six percent per year during active duty service.
Get information about the length of the loan (typically 15- or 30-year), interest rate (fixed or adjustable rate) and loan program types (conventional, FHA or VA). Learn more about the benefits of each loan option. After doing your homework about loans options, start looking for a potential lender.
Borrowers with larger home loans would have seen an even bigger drop in their premium rate. Obama announced the reduction Jan. 8, saying mortgage insurance premiums in the program would be lowered.
This is the department that has the power to reduce a mortgage interest rate. Explain you are going through a financial hardship and need a loan modification that reduces your mortgage interest rate.