The Federal Housing Administration (FHA) has provided its annual report to Congress, which includes information about its single-family mortgage insurance programs for the fiscal year 2023 and actions taken by the FHA Mutual Mortgage Insurance Fund (MMI Fund), an entity that supports this work. This detailed account was presented on Wednesday, shedding light on the measures taken by FHA to promote homeownership.
Firstly, a snapshot of the accomplishments in terms of providing access to mortgage credit is as follows. According to a press release, 765,000 homebuyers and homeowners were provided access to mortgage credit including over 33,000 seniors who obtained a Home Equity Conversion Mortgage (HECM) during the fiscal year.
Moving forward with some profound remarks from significant figures at HUD and FHA. "Purchasing a home is the cornerstone of the American dream, yet it remains far too out-of-reach for many Americans," said HUD Secretary Marcia L. Fudge. "I am pleased to announce that in 2023, we helped hundreds of thousands of people enter the housing market, enabling entirely new futures for them and their families."
Furthermore, an overview of the financial stability of MMI Fund was shared. The media release reported that the MMI Fund maintained an overall capital ratio of 10.51 percent. This shows that FHA maintains a strong, well-capitalized insurance fund. The MMI Fund's overall capital ratio stood at 10.51 percent at the end of September, marking only a slight dip—0.6 percentage points—from the previous fiscal year.
A statement from Julia Gordon highlights how FHA supported underserved borrowers and communities despite adversities faced in fiscal year 2023. "I’m proud that FHA delivered real solutions this past fiscal year, including a reduction in our mortgage insurance premiums and policy and programmatic changes that expanded access to affordable mortgage credit," said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. "Fiscal year 2023 was a difficult year for homebuyers and the professionals who serve them, and FHA’s exceptional team worked hard to support underserved borrowers and communities as well as our business partners in the mortgage and real estate sector."
