Coalition Letter to FHA Re Mortgage Insurance Premiums

On October 12 signed on to a letter to U.S. Department of Housing and Urban Development Secretary Fudge. The letter urges a meaningfully reduction to the the annual Mortgage Insurance Premium (MIP) and suspension the life of loan requirement for borrowers with Federal Housing Administration (FHA) insured loans. Lowering the annual MIP would help reduce the cost of buying a home with an FHA mortgage, and ending the life of loan requirement would contribute to building wealth through homeownership in the Black community. Since the start of the pandemic, the cost of buying a home has skyrocketed as home prices continue to rise and interest rates have doubled. Less than three years ago, a salary of $64,400 per year was sufficient to purchase the median-priced home of $329,000 with a 3.31% interest rate.