Category: FHA
-
New FHA Program Offers Temporary Mortgage Relief Amid Rising Interest Rates
The Federal Housing Administration (FHA) has introduced a new initiative known as the Payment Supplement program aimed at assisting struggling borrowers by offering temporary relief in the form of reduced monthly mortgage payments, all without altering their existing interest rates. Under this program, mortgage servicers can utilize funds from a “partial claim,” an interest-free second…
-
FHA Loans Are Getting Cheaper
It has been announced that the annual mortgage insurance premium will be reduced by 0.30 percentage points, from 0.85% to 0.55% for most new borrowers, which will save homebuyers and homeowners with new FHA-insured mortgages an average of $800 per year. The reduction in the premium is expected to lower housing costs for an estimated…