In prepared testimony today before a House subcommittee, the secretary of the U.S. Department of Housing and Urban Development said a recent increase in the up-front FHA insurance premium is expected to be reduced once Congress authorizes an increase in monthly premiums.
The new premium structure is more in line with pricing used by Fannie Mae, Freddie Mac and private mortgage insurers.
He outlined plans to require a 10 percent down payment from borrowers with FICO scores between 500 and 579.
Borrowers with scores less than 500 would be ineligible.
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