HUD asked to Reinstate FHA Ins Prem Cut

The California Association of REALTORS® (C.A.R.) issued the following statement in response to the announcement by the U.S. Department of Housing and Urban Development (HUD) that the Federal Housing Administration (FHA) will indefinitely suspend a recently announced cut in its annual mortgage insurance premium:

“We hope HUD and the Trump administration will make it a priority to quickly review the reduction in the FHA mortgage insurance premium,” said C.A.R. President Geoff McIntosh. “Homebuyers in California, who would have saved an average of $860 per year, will be negatively impacted more than any other state by the decision to not reduce the FHA premium.

“FHA’s single-family home portfolio is as financially sound as it has ever been, and we hope that once the new Administration has thoroughly reviewed the merits of the premium reduction the suspension will immediately be lifted,” said McIntosh.

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