Mortgage

Life of loan premium policy hurts borrowers and FHA

Life of Loan has outlived its usefulness

For 85 years, American families of modest means looked to the Federal Housing Adminstration for affordable mortgage loans to attain the dream of homeownership. But these homeowners, many of whom are minority and first-time homebuyers, now face a rude awakening. They will be saddled with years of excessive premium payments amounting to tens of thousands of dollars.
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3d rendering of a row of luxury townhouses along a street

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