FHA's Lower Premiums Boost Loan Demand
Recent actions by the FHA to reduce its mortgage insurance premiums is giving its loan volume a major boost, particularly with a "significant uptick in refinancings," Julian Castro, Department of Housing and Urban Development Secretary, said before the House Financial Services Committee. The FHA was on track to also reach its 2% statutory capital minimum within two years. FHA is required by law to have at least 2% in capital reserves, but was at 0.41% as of November last year.
Read article - Realtor Magazine
Recent actions by the FHA to reduce its mortgage insurance premiums is giving its loan volume a major boost, particularly with a "significant uptick in refinancings," Julian Castro, Department of Housing and Urban Development Secretary, said before the House Financial Services Committee. The FHA was on track to also reach its 2% statutory capital minimum within two years. FHA is required by law to have at least 2% in capital reserves, but was at 0.41% as of November last year.
Read article - Realtor Magazine
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