The FHA has announced it will reduce the insurance premiums most borrowers will pay by a quarter of a percent, saving the average homeowner $500 this year, says HUD Secretary Julian Castro. The rate change is immediate, applying to all homes that close escrow after January 27. It only applies to federally-backed loans. “After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” Castro says.
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