ShareOn June 8, 2022, NAR provided comments to the FHA on several key issues impacting the industry, including the reduction of the mortgage insurance premium (MIP), updates to appraisal requirements, and revisions to spot loan requirements for condominiums.
At a critical time for the housing market, NAR believes that reducing the MIP provides much needed support and increases the purchasing power of first-time and low to moderate-income home buyers. Modifying appraisal and spot loan requirements also provides these buyers additional flexibility in the housing inventory with an already diminishing supply.
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