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Realtors to FHA: Your insurance rates drive buyers away

 
WASHINGTON – April 3, 2014 – National Association of Realtors® (NAR) President Steve Brown reached out to the FHA in a letter. He hopes to persuade the agency to lower its annual mortgage insurance premiums.

In a letter to FHA Commissioner Carol Galante, Brown warned that the steep insurance costs take away a homeownership option for hundreds of thousands of potential borrowers. Last year, Brown estimated, between 125,000 and 375,000 would-be home buyers were priced out of the market because of FHA’s high insurance premiums and a requirement that mortgage insurance be in place for the life of the loan.

Currently, Brown wrote, FHA fees represent almost 25 percent of a monthly mortgage payment.

Source: Housing Wire (04/02/14) Lane, Ben

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Related Topics: Mortgages, NAR