SOURCE: Mortgage News Feed
The Federal Housing Administration (FHA) Mutual Mortgage Insurance Fund will have a positive capital reserve balance at the end of Fiscal 2014 estimated at $7.8 billion and will not require a draw from the U.S. Treasury. This news was contained in an overview of the FY 2015 budget for the Department of Housing and Urban Development (HUD) released today by HUD Secretary Shaun Donovan. The announced improvement of the fund immediately triggered a call from a lending industry group for FHA to reduce the premiums it currently charges homebuyers.
To read the entire article, please visit:
About The Author
Each week we post articles on FHA/VA Government news topics, ranging from FHA Direct Endorsement Underwriters, to current FHA underwriting guidelines, to new FHA rules/regulations, FHA compliance, FHA lending requirements and much more! PLEASE NOTE: We are NOT owned, operated or affiliated with HUD, FHA or the Federal Government in any way.