Obama plan would save about $900 on first-time mortgages

First-time borroweres could save as much as $900 per year with the reduction in mortgage insurance fees recently announced by President Barack Obama.
Jan. 13, 2015
66fdbee6e1fd4a3f15e1f0e7 Renjithkrishnanfreedigitalphotos

President Barack Obama announced a plan to lower mortgage insurance fees on home loans. The average first-time borrower is expected to save about $900 a year. Reducing annual mortgage insurance premiums by 0.5 percentage points to 0.85% from 1.35% could spur 250,000 consumers to buy homes over the next three years, and would stimulate the home building market, the White House says.

Read more

Sign up for Pro Builder Newsletters
Get the latest news and updates.