Navigate Up
Sign In
Español | Kreyòl | More
Skip navigation links
About Us
Meetings & Events
Related Links
What is Affordable Housing
Skip navigation links
HOME
Quarterly Newsletter
News -Archive
News -January 2014
News -February 2014
News -March 2014
News -April 2014
News -May 2014
News -June 2014
News -July 2014
News -August 2014
January 30, 2013

 

FHA Takes Additional Steps To Bolster Capital Reserves
U.S. Department of Housing and Urban Development (HUD) Press Release

The Federal Housing Administration’s (FHA) is making changes to help strengthen the Mutual Mortgage Insurance Fund (MMI Fund). Among the new initiatives FHA will consolidate its home equity conversion mortgage and standard pricing options, the intent is to both help sustain the MMI fund and lower the home buyer’s upfront closing costs. Other changes to the program include: a 0.05 to 0.10 percent increase to annual mortgage insurance premiums, requirement of lenders to manually underwrite loans for borrowers with poor credit, raise down payments of loans higher than $625,500, and more improvements to FHA’s access and risk management. FHA Commissioner Carol Galante noted, “In addition to protecting the MMI Fund, these changes will encourage the return of private capital to the housing market, and make sure FHA remains a vital source of affordable and sustainable mortgage financing for future generations of American homebuyers.” More...

 

<Back     Next>