House Raises FHA Mortgage Insurance Premiums

Yesterday, the U.S. House of Representatives approved a bill to inject finances into the FHA by approving the authority to raise FHA mortgage insuance premiums.  The FHA reserves are low and it created significant cash flow problems that the government was forced to deal with.  It is no secret that Federal Housing Administration is strapped for cash because all of the recent FHA defaults that continue to mount.  The government also considered a measure to raise the FHA loan limits used to develop some apartment buildings.  In a 406-4 vote, lawmakers approved legislation to strengthen the finances that back the FHA home loans by giving it authority to nearly triple the annual fees it charges to borrowers, known as mortgage insurance premiums.  Read the original article > House Approves FHA Bill to Reestablish Finances

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