In a move that will help first-time home buyers, President Obama announced today that the Federal Housing Administration (FHA) will reduce its annual mortgage insurance premiums by 0.5 percentage points from 1.35% to 0.85% during an address in Phoenix.
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It wasn’t a bill and it wasn’t an executive action. The document, called Mortgagee Letter 2017-7, was signed by an FHA executive. And borrowers won’t have to pay more for mortgage insurance. The Obama administration announced Jan. 9 that most FHA.
A bill has been introduced in Congress which proposes that borrowers with Federal Housing Administration (FHA) loans will no longer have to pay mortgage insurance premiums for the life of the loan.
Obama to reduce FHA mortgage premium rate to spur buying. By: The Associated Press January 7, 2015 Comments Off on Obama to reduce FHA mortgage premium rate to spur buying
FHA Announces Mortgage Insurance Premium Cut. Some homeowners who purchased homes with FHA loans could save as much as $900 a year thanks to a reduction in the FHA mortgage insurance premium announced by the FHA and HUD. An FHA/HUD press release (HUDNo. 15-001) announced the change, which could take effect as early as the end of the month.
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In an effort to make home mortgages more affordable for first-time buyers and lower-income families, President Obama is directing the Federal Housing Administration (FHA), by executive order, to reduce its mortgage insurance premiums by 50 basis points from 1.35% to 0.85%.
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The bill, which passed 406 to 4, will allow the FHA to raise annual premiums on borrowers, helping to bolster its Mutual Mortgage Insurance Fund. The fund has seen loan losses deplete its capital ratio to 0.53%, well below its statutory minimum of 2%.
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Brian Montgomery says premium cut probably not happening this year. According to the FHA, the MMI Fund’s economic net worth fell $1.9 billion and the capital ratio declined from 2.35% in 2016 to 2.09% in 2017. The decline marked the first time in five years that the MMI Fund’s capital ratio fell.
Government shutdown costs continue to accumulate GSE reform captures political attention contents mortgage default rates federal housing finance Jerry brown signed Baltimore property market resets moody’s warns of jumbo mortgage strategic defaults mortgage strategic defaults;. mortgage default rates increase two months straight gse reform captures political attention Ya think the White House and Dems want to keep attention. · The Government contribution continues while employees are in a nonpay status. The Government also is responsible for advancing from salary the employee share as well. The employee can choose between paying the agency directly on a current basis or having the premiums accumulate and be withheld from his or her pay upon returning to duty.