MHI, alongside the Mortgage Bankers Association, National Association of Home Builders and the National Association of Realtors®, called on the National Economic Council to support the reduction of the annual mortgage insurance premium (MIP) for borrowers with FHA insured loans. Arguing the combination of higher home prices and mortgage rates has put severe stress on prospective low-to-moderate income and first-time homebuyers, the groups stressed that by lowering the MIP it will increase homebuyers’ purchasing power by reducing monthly payments and directly putting money into their pockets every month, giving them the opportunity to become homeowners and build generational wealth. Further, the organizations also called on FHA to update its Title I program.

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