FHA set to reduce mortgage insurance premiums

home house mortgage loan insurance

Federal agency has plans to significantly reduce mortgage insurance premiums in the near future The U.S. Federal Housing Administration (FHA) has announced plans to cut mortgage insurance costs. The move is part of a larger endeavor that involves making it easier for families to purchase homes throughout the country. The FHA has a program that offers those with modest incomes the chance to purchase homes. This program is designed to support those that do not have enough money to make a significant down payment on a property. Insurance coverage for…

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Home refinancing to see lower mortgage insurance premiums from the Federal Housing Administration

The Federal Housing Administration (FHA) has announced that it will be lowering the premiums for mortgage insurance for individuals who are refinancing their loans due to the housing market improvement strategy by President Barack Obama. The FHA has stated that it will be reducing the up-front premiums to bring them down from their former position at 1 percent, to 0.01 percent. This was indicated in a fact sheet that the Obama Administration began distributing on Tuesday. According to that same fact sheet, there will also be a reduction in the…

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Federal Housing Administration plans to raise premiums for mortgage insurance

According to a press release from the Federal Housing Administration, the agency intends to raise the premiums for up-front mortgage insurance by 0.75 percent in order to help to rebuild its insurance fund, which has been exhausted by the real estate crisis over the last few years. Also to see increases, will be the annual premiums that will be paid on the loans themselves. Carol Galante, the acting commissioner for the Federal Housing Administration, released the statement this week, which explained that by taking these actions, it will be possible…

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