There is a push in congress to lower FHA MI rates.
A group of 18 U.S. Senators and the Mortgage Bankers Association both sent letters to the U.S. Department of Housing and Urban Development, stating that the time has come for the Federal Housing Administration to lower its mortgage insurance premiums.
In two separate letters both addressed to HUD Secretary Juliàn Castro, the group of senators and the MBA both cited the improved financial health of the Mutual Mortgage Insurance Fund as the main reason why the FHA should reexamine its insurance fees immediately.
FHA MI is very high right now, and it would be great for borrowers if they could lower it.
I’ll let you know if it happens!
That’s it for today!
Thanks for reading.
Brett
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