Catherine Reagor, The Republic | azcentral.com
President Barack Obama will announce Thursday in Phoenix a plan to cut the mortgage insurance in half for most first-time homebuyers and some existing owners, a move to make homeownership more affordable for hundreds of thousands, according to the U.S. Department of Housing and Urban Development.
The action from the Federal Housing Administration is expected to save the typical buyer $900 a year in mortgage insurance costs, an0 more families buy their first U.S. home, HUD officials said.
The president, who arrives in Phoenix on Wednesday evening, will discuss his plans in a speech at Central High School. Doors open at 8 a.m. for ticket-holding attendees.
