In an effort to make owning a home more affordable, the Federal Housing Administration has dramatically cut the costs associated with the mortgages it backs.
FHA loans have been an important lifeline for low-income and higher risk borrowers in the wake of the financial crisis.
“Because of today’s tight lending market, many creditworthy families aren’t given the opportunity to purchase a home,” said Dean Thiery, mortgage banker in Bismarck.
“With the lower FHA premium, it gives people in our community an opportunity to buy the home they’ve been dreaming of.”
The White House estimates the lower premiums will enable up to 250,000 new buyers to purchase a home.
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