Millennials can finally afford homes with new mortgage rules

First-time home buyers, many of them millennials, will receive some long-awaited mortgage assistance this year thanks to recent moves in Washington.

The administration earlier this month cut the premium that borrowers with a Federal Housing Administration loan must pay for mortgage insurance to 0.85% from 1.35%. The half a percentage point reduction will reduce the cost of the average FHA loan by about $1,000 per year. More here.

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