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Biden Administration to Cut Mortgage Insurance Costs for Lower-Income Buyers
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WASHINGTON—The Biden administration is expected to 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, according to people familiar with the move.
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 people said.
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