Chattanooga Neighborhood Enterprise now offers refinancing on all 30-year Federal Housing Administration mortgage loans granted after April 18, 2011.
The news comes following the White House decision in January to reduce the annual FHA mortgage insurance premiums from 1.35 percent to 0.85 percent.
Borrowers are estimated to save roughly $900 annually with the new rates.
In order to qualify for the refinancing via Chattanooga Neighborhood Enterprise, the borrower must have a minimum credit score of 580, have had an FHA mortgage for at least six months between April 18, 2011, and Dec. 31, 2014, provide a copy of note, copy of recent mortgage statement and copy of payoff or demand statement. Other documents might be required.
There are no income limits.
Borrowers should call 423 756-6201 or email info@cneinc.org to find out more and apply for the program.