The Mortgage Insurance Freedom Act allows FHA borrowers to cancel their mortgage insurance premiums after attaining sufficient home equity, relieving first-time homeowners' financial burdens.
"FHA borrowers will save hundreds of dollars annually, which will allow them to allocate these funds towards savings, investments, and everyday expenses," said Meeks.
Sessions stated, "By addressing a key inequity in the FHA system, this bill rewards financial responsibility and empowers homeowners across the country."
Patrice Willoughby of the NAACP emphasized the importance of eliminating unnecessary costs for borrowers in support of the FHA mortgage reform.
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