What if we we cut the cost of mortgage insurance
HUD suspends FHA mortgage insurance premium reduction
It follows that dropping mortgage insurance premiums today will mean a whole lot more responsible borrowers are suddenly eligible to purchase a home through FHA.” An ATTOM Data Solutions analysis released Thursday found that the average U.S. borrower with an FHA loan would have saved an average $446 each year if the rate reduction had gone into effect.
FHA raised and lowered costs before Following the Great Recession, FHA increased its monthly mortgage insurance premium from 55 basis points to 90 basis points; then, in April 2013, it increased them again due to post-recession concerns over credit risk and the need to strengthen FHA’s Mutual Mortgage Insurance Fund (MMIF).
The Federal Housing Administration-insured (FHA) announced two weeks ago that it would cut mortgage insurance premiums on FHA loans – an add-on to the loans that helps compensate for loan defaults.
Source: Florida Realtors
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