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Released: January 23, 2017
The FHA rate cut explained
Source: Andrew Khouri, L.A.Times (Paid Registration)
On Friday, the Trump administration suspended a pending rate cut to FHA mortgage insurance that the outgoing Obama administration announced just a week earlier. The Federal Housing Administration is a government agency that insures home loans and collects fees from borrowers to reimburse lenders in the case of default.
For most borrowers getting an FHA-backed loan that means that after paying an upfront insurance fee, you will pay 0.85% of your loan amount for premiums each year. The Obama administration had planned to drop that rate to 0.60%.
Read Full Article: The FHA rate cut explained
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