The FHA has announced it will reduce the insurance premiums most borrowers will pay by a quarter of a percent, saving the average homeowner $500 this year, says HUD Secretary Julian Castro. The rate change is immediate, applying to all homes that close escrow after January 27. It only applies to federally-backed loans. “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 says.
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Federal Housing Administration (FHA) Commissioner Carol Galante announced Monday that the agency will be restructuring premiums for all FHA-insured single-family mortgage loans.
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The Federal Housing Administration recently informed lenders that it would be flagging more loans as high risk, as part of an overall effort to tighten the manual underwriting process.
The number of people under 40 paying $250 or more per month on student loans has tripled since 2005.
Both agencies have begun fining lenders and insurers over the last several years.
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