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Biden Administration to Cut Mortgage Insurance Costs for Lower-Income Buyers
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WASHINGTON—The Biden administration will trim costs under a mortgage program for first-time and lower-income buyers, a bid to boost affordability while median home prices remain near record highs, the White House said Wednesday.
The Federal Housing Administration will reduce the fee borrowers pay to have their mortgages insured by the agency by about $800 a year on a typical loan, or 0.3 percentage point, the White House said. Officials expect the fee reduction to benefit roughly 850,000 home buyers and homeowners in 2023.
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