Following news that that the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund is now profitable, the National Association of REALTORS® (NAR) is urging the agency to decrease insurance premium fees for consumers.
“Now that the MMI Fund is on a path to recovery, NAR urges FHA to lower its annual mortgage insurance premiums and eliminate the requirement that mortgage insurance be held for the life of the loan. Achieving homeownership has become more difficult with current FHA mortgage insurance premiums,” said NAR President Chris Polychron in a statement.
Polychron added that NAR estimates that nearly 400,000 creditworthy borrowers were priced out of buying a home in 2013 because of high FHA insurance fees.
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