A reduction in Federal Housing Administration (FHA) mortgage insurance premium that had been scheduled to go into effect on Jan. 27 has been suspended by the U.S. Department of Housing and Urban Development.
In a statement, National Association of REALTORS® President William E. Brown said, “According to our estimates, roughly 750,000 to 850,000 homebuyers will face higher costs, and 30,000 to 40,000 new homebuyers will be left on the sidelines in 2017 without the cut. We’re disappointed in the decision but will continue making the case to reinstate the cut in the months ahead.”
Read more from NAR on the issue and find coverage of Brown’s comments in the Washington Post.
In other headlines:
3 Crucial Reasons You Should Buy a Home Before 2017 Ends – Realtor.com
The Big Challenges Home Buyers Face in 2017 – REALTOR® Magazine