The White House announced changes to FHA-backed mortgages that could help save the average homebuyer $24,000 over the course of a 30-year loan.
Actions taken by the Biden administration on Wednesday are expected to save thousands of homebuyers an average of $800 annually, the White House said.
That means for every $100,000 of a loan, the buyer will save $300 per year. With the average FHA loan going for just under $270,000, the typical homebuyer will save $24,000 throughout a 30-year loan. The White House estimates that 850,000 homebuyers will be impacted by the decision, which goes into effect March 20.
“It is a positive for potential first-time homebuyers but also very much so for minorities; even though the program doesn’t have an income threshold, the majority of participants in FHA programs are first-time homebuyers and minority homebuyers,” he said. “It shows to investors that the U.S. government, through HUD and the FHA, is willing to support potential homebuyers,” Divounguy said.
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