MARYLAND, (KTAL/KMSS) – Beginning on Mar. 20, FHA home mortgage payments will become even more affordable than ever before thanks to a new policy that reduces mortgage insurance payments.
Vice President Kamala Harris visited Bowie State University to address an expansion to the FHA homeowner loan program, which bridges the gap for those in poverty and helps them become homeowners.
“A home represents financial security, the opportunity to build wealth, and equity,” said Harris.
As attorney general, Harris once held big banks accountable by calling out predatory lending practices that hindered communities. As Vice President, she began working within an administration that had to take on this issue at the height of the Covid-19 pandemic, during a time when many people had lost their jobs and fallen behind on their housing payments. Since the early days of the pandemic, the Biden administration has helped 8 million households pay rent and has paused mortgage payments for 3 million more Americans.
Today Vice President Harris hopes to help more people as first-time homebuyers struggling to get approval for a home loan are able to utilize the FHA loan program.
That’s why, beginning on March 20 of this year, the Biden administration will be reducing mortgage insurance payments for all new FHA homeowners by nearly 48%.
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“Homeowners will pay at least 800 dollars a year less on their mortgage,” said Harris, “And that’s 800 more dollars in your pocket for household expenses,”
The expectation is to assist more than 850 thousand Americans who will benefit from the new approach to the FHA program.
