Mortgage Insurance Costs Being Cut by $800 for 850,000 Americans

U.S. mortgage insurance costs are being cut by $800 for 850,000 Americans.
Families buying their first home will be eligible to receive some relief from mortgage insurance payments, following an announcement by the White House on Feb. 23.
Vice President Kamala Harris announced the new program during an event in Maryland on Feb. 23 along with Department of Housing and Urban Development (HUD) secretary Marcia Fudge.
The FHA, which is under HUD, insures more than $1.4 trillion in mortgages, including single-family and multi-family properties.
The Biden administration will allow homeowners to save an average of $800 per year, or a 0.3 percent reduction from annual mortgage insurance premiums charged on loans via the Federal Housing Administration (FHA)….}