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FHA released its annual report to Congress on the financial status of the FHA Mutual Mortgage Insurance Fund. This report is based upon the findings of an independent actuarial audit. For the fifth year in a row, the Fund is well above its statutory minimum of 2% capital reserve ratio at 4.84%. More than 82% of its homebuyers were first-time buyers; and FHA provided financing for 40% of all African American homebuyers and 37% of Hispanic buyers. NAR has called for FHA to reduce the premiums paid by buyers and eliminate the-of-loan mortgage insurance requirement. With a reserve ratio as strong as it is, FHA is now providing income to the US Treasury, and funding other non-housing related programs. FHA homebuyers should not be paying more than is needed to cover the risk to the taxpayer.
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