The Federal Housing Administration (FHA) has had a strong year financially, and their efforts to address loss mitigation have been praised by the National Association of Realtors (NAR). Because of their sound financial footing, NAR is once again calling on the FHA to reduce the Mortgage Insurance Premium (MIP) to help first-time and low-to moderate-income buyers as they face a high interest rate market. A large portion of FHA's insured loans in 2022 are going to first-time homebuyers, outpacing other providers in the market to this demographic. NAR will continue working with the FHA on extending access to credit and resources for buyers across the country.
The Federal Housing Administration (FHA) has had an impressive year financially, with a continuous effort to address loss mitigation. Because of their strong financial stability, NAR has called on them once again to help first-time and low-to moderate-income buyers by reducing the Mortgage Insurance Premium (MIP). A lot of FHA's insured loans next year are projected to go to first-time homebuyers, which greatly surpasses other providers' numbers for this demographic. NAR plans on working collaboratively with the FHA to extend access to credit and resources for buyers all over America.
It's reassuring to know that even though interest rates are projected to rise in the coming months, organizations like the Federal Housing Administration (FHA) are still working hard to ensure that homeownership remains attainable for everyone. If you're thinking about buying a home in the near future, remember that there are plenty of programs available to help make your dream a reality. Don't let high interest rates discourage you – give Line x Line Realty a call Today and together we will find your perfect home today!