February 22, 2023

Brown Applauds Administration's Action to Cut Costs for New FHA Homebuyers

WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Biden-Harris Administration announced that the Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), will cut its annual mortgage insurance premium by 0.30 percentage points for most new borrowers.

“Homeownership is out of reach for too many Ohioans and families across the country. By cutting the monthly cost of a mortgage for many first-time and lower-income buyers, the Administration is making the dream of sustainable homeownership available for more working families,” said Brown.

Brown has made the need for affordable housing a priority and led the charge for significant housing investments as Chair of the Banking, Housing, and Urban Affairs Committee. Brown chaired a bipartisan hearing earlier this month on the state of housing as the Committee’s first hearing of the 118th Congress. Last Congress, Brown held multiple hearings on the growing role of private equity and institutional investors in the housing market in addition to a hearing on the shortage of affordable housing