Press Release
☷One Year In U S Department of Housing and Urban Development Annual Mortgage Insurance Premium Cut Saves Borrowers $600 Million
U.S. Department of Housing and Urban Development ( By Press Release office)
Mar 22,2024
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About a year ago , HUD implemented a 35 percent cut in the Annual Mortgage Insurance Premium for FHA borrowers , saving nearly 700 , 000 of them around $876 on their mortgage payments . This reduction has been a key part of the Biden - Harris Administration ' s efforts to make homeownership more affordable , especially for households of color . Since the reduction , borrowers have saved a total of almost $600 million in just the first year of their mortgages . Secretary Marcia L . Fudge and Federal Housing Commissioner Julia Gordon have both highlighted the positive impact this change has had on homeowners , making it easier for more people to achieve the benefits of owning a home . The MIP is part of the costs that are taken into account when deciding if a household is eligible for a mortgage . If the MIP is lower , more people can qualify for FHA - insured mortgages , which means more chances for qualified borrowers to become homeowners .
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