Biden Administration, Cuts Some Mortgage Fees , as Housing Costs Remain High.<br />Biden Administration, Cuts Some Mortgage Fees , as Housing Costs Remain High.<br />On February 22, the Biden administration announced <br />a change that could save homeowners an average <br />of $800 on home financing costs in 2023.<br />On February 22, the Biden administration announced <br />a change that could save homeowners an average <br />of $800 on home financing costs in 2023.<br />CNN reports that the change would impact <br />an estimated 850,000 homeowners, mostly low- <br />and middle-income, as well as first-time buyers.<br />The move, which affects mortgage insurance premiums <br />on loans insured by the Federal Housing Administration, <br />will reduce annual premiums from 0.85% to 0.55%.<br />CNN reports that the change comes <br />as part of an attempt to address the ongoing <br />housing crisis in the United States.<br />According to Marcia L. Fudge, the Secretary of Housing <br />and Urban Development, the change is expected to <br />increase access to homeownership for Americans.<br />According to Marcia L. Fudge, the Secretary of Housing <br />and Urban Development, the change is expected to <br />increase access to homeownership for Americans.<br />As we reduce housing costs for people <br />with FHA mortgages, we continue our <br />work to address longstanding <br />disparities in homeownership, Marcia L. Fudge, Secretary of Housing <br />and Urban Development, via CNN.<br />CNN reports that the cost of home financing <br />has skyrocketed in the past year, with mortgage <br />rates now double what they were in 2022. .<br />The high cost has priced out <br />many would-be homebuyers who <br />could no longer qualify for a loan.<br />CNN reports that the action is predicted to have a limited <br />impact on the housing market, as the higher cost of <br />monthly payments outpaces the savings.<br />In addition to this, only 811,362 <br />out of 5.7 million total 2021 loans were <br />FHA loans, equaling just about 14.3%.
