FHA move to cut premiums affecting lower-priced housing
President Barack Obama was in Phoenix earlier this year to talk up something as hot as the desert sun—housing.
In a January speech, he announced a new Federal Housing Administration policy to lower the mortgage insurance premium enough to save the typical borrower $900 a year, assuming a $180,000 mortgage.
That FHA fee drop was aimed at helping middle-class families. “Over the next three years, these lower premiums will give hundreds of thousands more families the chance to own their own home, and it will help make owning a home more affordable for millions more households overall in the coming years,” Obama said. Read more
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