Move My Realty - Real Estate News

A bill was approved this week by the US House of Representatives that would cut the cost of upfront mortgage insurance fees on FHA loans for first-time home buyers who take part in housing counseling.  The new bill requires new home buyers to complete a housing counseling program about maintaining homeownership to be eligible for a 25-basis-point discount on their FHA mortgage insurance loan.  While the bill still needs Senate approval and the president's signature, it could be improve financial literacy for first-time-buyers while providing an incentive discount.

Source: “New Bill Slashes FHA Mortgage Insurance for First-Time Homebuyers,” HousingWire (July 10, 2019)