The legislation, known as The Mortgage Insurance Freedom Act, comes amid rising mortgage rates, home prices and other costs of homeownership, such as insurance and property taxes.
Meeks said the legislation is designed to make homeownership more affordable by empowering first-time buyers and young families to get ahead by reducing monthly payments and encouraging faster equity accumulation.
Sessions added that the bill takes a practical approach to deliver meaningful relief to homeowners. By addressing a key inequity in the FHA system, this bill rewards financial responsibility and empowers homeowners across the country.
According to the bill's authors, FHA's mortgage insurance premium policies impact first-time homeowners the most as they make up more than 82% of FHA purchase borrowers.
With rare exceptions, when a homeowner has an FHA loan, they pay mortgage insurance for life... you've got Americans with 50% equity pay.
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