When the Federal Housing Administration began reducing private mortgage insurance premiums on its loans by an annual average of $900, RealtyTrac saw an increase of FHA loan users.
According to MarketWatch, the reduction of PMIs may be the catalyst for an increase in millennial borrowers and first-time homebuyers.
The third-largest LHA lender in the country, LoanDepot, posted a 24 percent increase year-over-year for volume of FHA loans in the first half of 2015.
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