Working families can now reap the benefits of an $800 annual savings on mortgage payments thanks to a 30 basis point reduction in FHA Annual Mortgage Insurance Premiums, part of President Biden and Vice-President Harris’ efforts to make homeownership more accessible and affordable.
HUD’s announcement of a 30 basis point reduction to the annual mortgage insurance premiums will provide significant savings for American families. Vice President Kamala Harris and Secretary Marcia L. Fudge made this breakthrough announcement in Bowie, MD, noting that homebuyers with an FHA-insured mortgage could save up to $800 annually on their mortgages alone – amounting to approximately $678 million saved by 2023! This new policy change is estimated to benefit over 850,000 borrowers nationwide.
The Biden-Harris Administration is taking action to promote housing access and affordability, particularly among households of color – a population that has been historically underrepresented in homeownership. FHA-insured mortgages have always served as the cornerstone for this critical goal, and with its support we can finally make progress towards reaching equity on all levels within our society.
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