Close

07/10/2019

New bill slashes FHA mortgage insurance for first-time homebuyers

The House of Representatives passed a bill Tuesday that slashes the cost of upfront mortgage insurance for first-time homebuyers using mortgages backed by the Federal Housing Administration.

The Housing Financial Literacy Act of 2019, or H.R. 2162, stipulates that first-time homebuyers who complete a housing counseling program to learn about sustaining homeownership can get a 25-basis-point discount (0.25%) on their upfront mortgage insurance for an FHA loan. https://www.housingwire.com/articles/49525-new-bill-slashes-fha-mortgage-insurance-for-first-time-homebuyers

Lux Advisors Sales | Property Management
Send
Send