fha mortgage loans, local mortgage broker, midwest family lending

(515) 252-7107

APPLY NOW!

Mortgage Industry News

« Return to Mortgage Industry News

FHA Financials Doing Much Better Than Expected

Monday, November 16, 2015

FHA's Mutual Mortgage Insurance Fund (MMIF) is back in the money.  Housing and Urban Development Secretary Julian Castro told Congress today that the fund, which had declined into insolvency at the crest of the mortgage crisis, is now back above its mandated capital ratio.

In his annual Report to Congress, Castro said that the fund had improved its ratio by 1.66 percentage points from last year's actuarial result, increasing from 0.41 percent to 2.07 percent.  FHA is required to maintain a 2.0 percent ratio.  Reaching the goal happened a full year in advance of what independent actuaries had projected.

In dollars the increase means that FHA has improved the net worth of MMIF by $40 billion since the 2012 fiscal year and it now has a value of $23.8 billion.  In 2012 that capital ratio stood at a negative 1.44 percent.

 

Read Full Article

Testimonial

I would absolutely refer anyone thinking about buying a house to Charlie! When we bought our first house, we were 21, and no one would give us the time of day for considering buying a house. My dad referred us to Charlie and we won’t go anywhere else, ever. Thank you!
Nic S.