Do you think buyers will get hurt with FHA premium or the Mortgage ?
NAR: Nixing FHA premium cut hurts up to 40,000 buyers
NAR estimated the reduced premium would have saved the average FHA borrower $500 a year in insurance costs, while a separate study by ATTOM Data Solutions estimated the average buyer would save $446 per year, but that amount would go higher than $1,000 in some areas of the U.S. “According to our estimates, roughly 750,000 to 850,000 homebuyers will face higher costs, and 30,000 to 40,000 new homebuyers will be left on the sidelines in 2017 without the cut,” NAR President William E.
“We’re disappointed in the decision but will continue making the case to reinstate the cut in the months ahead.” In announcing the suspension, HUD sent a letter to the industry saying it would “issue a subsequent Mortgagee Letter at a later date should this policy change.” In the letter, HUD expressed its commitment to the continued long-term viability of the mortgage insurance program.
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Source: Florida Realtors
