President Obama announced a new Federal Housing Administration policy to lower the mortgage insurance premium enough to save the typical borrower ~ $900 a year, based on 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,” president added.
For those on the outside, trying to get in—is that owning a home has become less affordable, directly as a result of the FHA move.
This is FHA insurance reduction effort to stimulate low end housing making it affordable.
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