Read my statement on President Obamas announcement that the Federal Housing Administration (FHA) will reduce annual FHA mortgage insurance premiums by 0.5 percent, from 1.35 percent to 0.85 percent. This reduction will provide an average savings of $900 annually for new borrowers and will enable up to 250,000 more Americans to purchase a home: “I’m elated that more families in Ohio and around the country will find homeownership within reach with the new, lower FHA premiums. In addition to helping more first-time buyers purchase a home, lowered premiums could bring savings to more than 800,000 homeowners this year,” said Congresswoman Fudge. “While providing lower rates, FHA will continue to adhere to strong underwriting practices and require documentation of borrowers that will keep the lending system sustainable. The housing market is still reeling from the careless risks taken by big banks and the mortgage lending industry in the years leading up to the Great Recession. This move to sensibly increase access to homeownership is long overdue. It demonstrates our government’s commitment to do the right thing and give homeowners a break while not repeating the mistakes of the past.”
Posted on: Thu, 08 Jan 2015 22:39:30 +0000
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