Chattanooga Neighborhood Enterprise offers refinancing on 30-year FHA mortgages granted after April 18, 2011
Chattanooga, Tenn. — 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.
About Chattanooga Neighborhood Enterprise
Chattanooga Neighborhood Enterprise (CNE) is a non-profit housing organization whose mission is to create economically diverse neighborhoods filled with financially empowered citizens and housing for all. CNE offers many different programs and services, such as home buyer education and counseling, home improvement loans, affordable mortgage products, foreclosure prevention services, and affordable homes for sale and rent. Since its inception, CNE has invested in over 14,000 families, individuals and small businesses.
