FHA-Insured Mortgage Premium Reduced

Vice President Harris announces the HUD measure while in Maryland.

The Federal Housing Administration (FHA) announced that insurance premiums for FHA-insured mortgages will be reduced from 0.85 to 0.55 percent, about a 30 basis point reduction. Vice President Kamala Harris made the announcement on behalf of Secretary of Housing and Urban Development (HUD) Marcia Fudge at Bowie State University in Bowie, Maryland.

“For this country to truly succeed, all Americans must have access to opportunity. That means expanding access to wealth-building and home ownership,” Secretary Marcia Fudge stated in a release. “Today, we are building on the steps we’ve taken to make homeownership more affordable, and HUD is acting to ensure people feel comfortable purchasing a home as they build toward their future. As we reduce housing costs for people with FHA mortgages, we continue our work to address longstanding disparities in homeownership.”

As the Lord Leads, Pray with Us…

  • For Secretary Marcia Fudge to seek God’s wisdom as she leads her department.
  • For discernment for Vice President Kamala Harris as she fills her role in the administration.

Sources: Department of Housing and Urban Development, The White House


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