CRL Applauds Biden-Harris Administration for Cutting Price of Mortgage Insurance for New FHA Home Loans
WASHINGTON, D.C. – Today, Vice President Kamala Harris and U.S. Housing and Urban Development Secretary Marcia Fudge announced that for new Federal Housing Administration (FHA) loans, the mortgage insurance premium will be reduced by 0.3 percentage point, which translates to around $800 a year in savings for families with the average-sized FHA-insured mortgage of around $270,000. “The Biden-Harris Administration is providing needed breathing room in the tight budgets of families who use FHA mortgages, many of whom are first-time homebuyers, people of color, or individuals with lower-incomes,”