HUD Secretary: No further FHA fee reductions under consideration

HUD

HUDBy Ben Lane | HousingWire

Lest anyone think that last week’s announcement that the Federal Housing Administration will cut its annual mortgage insurance premiums was a harbinger of more cuts to FHA fees, U.S. Department of Housing & Urban Development Secretary Julián Castro told a crowd in Washington, D.C. that no further FHA fee reductions are under consideration.

Speaking Tuesday at the National Press Club, Castro said that once the FHA reviewed its latest actuarial report on the Mutual Mortgage Insurance Fund for single-family programs, which showed that the MMI fund is “back in the black,” the administration made the decision to cut the FHA annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%.

“The National Association of Realtors estimates that nearly 400,000 creditworthy borrowers were priced out of the housing market in 2013 because of high premiums,” Castro said.

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