FHA to Reduce Mortgage Insurance Premium to .85%

January 7th, 2015

FHA will reduce the mortgage insurance premium it charges from the current 1.35% to .85%, according to an article in the Wall Street Journal. President Barack Obama is scheduled to make an announcement on January 8, 2015. FHA mortgages are popular because borrowers can obtain loans with as little as 3.5% downpayment. The credit standards [...]