FHA Mortgage Insurance Premiums to Be Cut

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The Biden-Harris Administration this week announced that the Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), will cut its annual mortgage insurance premium by 0.30 percentage points, from 0.85% to 0.55% for most new borrowers. This is great news for first-time and lower-income buyers who are looking to purchase a home.

U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the announcement:

“Homeownership is out of reach for too many Ohioans and families across the country. By cutting the monthly cost of a mortgage for many first-time and lower-income buyers, the Administration is making the dream of sustainable homeownership available for more working families,” said Brown.

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