Jul 25 2016 20246 2

Jul 25 2016 20246 2

Letter to FHA on Premiums

APRIL 8, 2016

BY SEHAR SIDDIQI, MEGAN BOOTH, COLIN ALLEN

On April 7, 2016, President Tom Salomone sent a letter to the Department of Housing and Urban Development (HUD) with concerns about the Federal Housing Administration’s (FHA) high annual mortgage insurance premiums and mortgage insurance that is required for the life of the loan. President Salomone’s letter notes that it is possible to elminate the lifetime mortgage insurance premiums and lower the annual mortgage insurance premiums while continuing to replenish the Mutual Mortgage Insurance Fund (MMIF).  This will focus the rate of the MMIF's growth on the target 2.0 percent ratio, thus keeping FHA in line with other government insurance programs like the FDIC. Borrowers will benefit from having lower payments and additional cash on hand, reducing the chance of default.

Letter to FHA


Keith and Patty Thomsen Headshot
Author:
Phone: 561-567-1733
Dated: July 25th 2016
Views: 189
About Keith and Patty: ...

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