The FHA will reduce its annual mortgage insurance premium from 1.35% to 0.85%, the White House announced Wednesday.
"For the typical first-time homebuyer, this reduction will translate into a $900 reduction in their annual mortgage payment," the White House said. "Existing homeowners who refinance into an FHA mortgage will see similar reductions to their mortgage payments as well. In total, this action will help millions of families save billions of dollars in mortgage payments in the coming years, helping to support the housing market recovery."
The move came on the same day CUNA and NAFCU joined more than 40 organizations to ask Housing and Urban Development Secretary Julia Castro to lower the FHA insurance premiums.
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