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Statement from NAHB Chairman Ed Brady on FHA’s Decision to Lower Premiums

WASHINGTON – (RealEstateRama) — Ed Brady, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Bloomington, Ill., today issued the following statement regarding the announcement by the Federal Housing Administration (FHA) that it will reduce its annual mortgage insurance premiums:

“NAHB commends the FHA for reducing its annual mortgage insurance premiums by 25 basis points to 0.60 percent. “With mortgage rates rising in recent weeks, lower premiums will make home loans more affordable, particularly for creditworthy young families and first-time buyers. The new premium structure will also help to ease stubbornly tight credit conditions in the mortgage market, and represents sound policy given a recent actuarial report that shows that the agency continues to strengthen its financial reserves.”

Elizabeth Thompson