The White House unveiled a new plan Wednesday to lower first-time home buyers' mortgage costs which officials say could save borrowers about $800 a year.
With mortgage rates skyrocketing over the past couple years, the goal of the reduction is to make buying a home just a little more affordable.
That's the insurance many home-buyers are required to pay if they're putting down less than 20% on their loan.That means if you're taking out a mortgage of $270,000, which is the national average, you'll save about $800 a year on the FHA insurance. "So we really do see people who come in, they may not only be buying their own first house. They may be the first person ever in their family to buy a house. We really try to reach communities of color who have much lower rates of homeownership than white communities," Gordon said.
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