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The MReport Webcast: Tuesday 7/28/2015

During his first year as the nation's top housing official, Castro has made several policy changes with the intent of increasing opportunity for more Americans to obtain affordable, sustainable housing. Several of those changes are outlined in an announcement from HUD on Monday.

HUD achievements in the last year include the Federal Housing Administration lowering the annual premiums for first-time buyers by half a percentage point, down to 0.85 percent. The Agency estimated the move will save more than two million borrowers an average of about $900 annually on mortgage premiums and will allow about 250,000 new homebuyers to enter the market. Additionally, the Affirmatively Furthering Fair Housing rule created a streamlined fair housing planning process that helps communities analyze their choices for fair housing and establish goals and priorities to address barriers to fair housing.

 

In a letter to the Federal Housing Finance Agency, the National Association of Federal Credit Unions is urging the FHFA to keep the conforming loan limit at its current baseline rate of $417,000 and to not let the limit drop any lower. The NAFCU also noted that this change could interrupt a still-recovering housing market.

About Author: Jordan Funderburk

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