All,

The Department of Housing and Urban Development (HUD) announced that the Federal Housing Administration (FHA) has reduced its annual mortgage insurance premiums.

HUD is moving to make home loans more affordable by lowering the FHA annual mortgage insurance premiums by 30 basis points to 0.55%. This change will help reduce the cost of housing saving homebuyers and homeowners hundreds of dollars dollars per year in insurance premiums.

After we saw a rise in median home prices across the nation, the FHA announced in December they would increase loan limits for 2023. Details on those limits can be found here on the NAHB or FHA websites. 

To view a statement from NAHB in support of this decision click here.