Today, the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) released its 2022 annual report to Congresspdf, outlining the Mutual Mortgage Insurance Fund’s (MMIF) 11.11% capital reserve ratio. FHA’s substantial capital reserves are 9.2% above what is required by Congress and 3% higher than their previous year’s reporting. 

NAR commends FHA on its efforts through the past several years to address loss mitigation that led to their impressive financial performance.  However, given FHA’s strong financial footing, NAR continues to advocate for a reduction in the Mortgage Insurance Premium to help first-time and low to moderate income buyers facing a high interest rate market.  

FHA’s report details 4.7% of their portfolio remain seriously delinquent, which is a 3% decrease from the previous year. Additionally, 84% of FHA’s insured loans in 2022 were given to first-time homebuyers, which is substantially higher than other providers in the market. NAR will continue to work with the Department on how they can extend their access to credit to buyers across the country.

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