Trump blocks cut in FHA mortgage insurance premium
HUD had said on
"Approximately 74 percent of the mortgages originated by
After paying an upfront insurance fee equal to 1.75 percent of the loan, many borrowers getting FHA-backed loans will pay 0.85 percent of their loan amount for premiums each year. The Obama administration had planned to drop that rate to 0.60 percent. (The annual rates vary according to loan size, length of term and loan-to-value ratios.)
The FHA is a part of the
According to HUD's website, 26,251 single-family houses in
On.
"After four straight years of growth and with sufficient reserves on hand to meet future claims, it's time for FHA to pass along some modest savings to working families," Castro said in the
The
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