SOURCE: Mortgage News Feed
The government announced Thursday that first-time homebuyers taking out low-down-payment mortgages insured by the Federal Housing Administration would not have to pay as much in private mortgage insurance. This change is expected to save more than 2 million FHA homeowners about $900 a year and allow about 250,000 consumers to buy their first homes in the next three years, according to a news release from the U.S. Department of Housing and Urban Development.
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