FHA Mortgage Insurance Premiums Too High

Dated: 04/17/2014

Views: 2324

April 4, 2014

On April 2, 2014, National Association of Realtors President Steve Brown 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. Home purchases are becoming increasingly out of reach for many qualified borrowers who rely on FHA financing.President Brown’s letter notes that it is possible to increase the upfront premiums and lower the annual MIP while continuing to replenish the Mutual Mortgage Insurance Fund. This will slow the rate of prepayments that are having a negative effect on the fund, while providing more access to potential homebuyers who are not being served by the private market.
NAR's Letter to HUD
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Phil Mount

Phil Mount is an agent at Front Street Brokers in Boise, Idaho. Phil became a licensed REALTOR in August 2009 after a 25 year career as a technology marketing professional. In his first year as an a....

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