Beginning March 20, a recent move by the Biden Administration will make owning a home more affordable for current and prospective homebuyers. Arriving just in time for the spring buying season, 850,000 mortgage borrowers who used FHA-financing for their homes as well as families choosing this popular mortgage program will benefit from lowered mortgage insurance premiums.
The action fulfills a promise made previously by the Department of Housing and Urban Development to add an overarching framework for maintaining equitable practices.