FHA raised premiums several times since the recession to keep its Mutual Mortgage Insurance Fund (MMIF) afloat, at a considerable cost to borrowers, and, according to the National Association of REALTORS® (NAR), to the detriment of housing; research by the organization shows that the increases priced out approximately 1.5 million renters. The Fund's capital reserve ratio is now at 2.32 percent, above the 2 percent requirement.
HUD expects the new reduction to help 1 million households. FHA last reduced premiums in January 2015, which saved 2 million FHA-insured borrowers an average $900 annually.
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