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Housing Department to Cut Costs of Mortgage Insurance.

ORian

| October 31, 2000 | COPYRIGHT 2007 The Oregonian. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Gordon Oliver

Oct. 31--The Department of Housing and Urban Development announced Monday it would reduce the cost of premiums on Federal Housing Administration mortgage insurance. It also said it would eliminate an annual FHA premium on loans once homeowners have built 22 percent equity in their homes.

The department estimated a savings for home buyers of $750 in closing costs due to lowering insurance from 2.25 percent to 1.5 percent of the original loan amount. Elimination of premiums for high-equity owners, which now cost a half-percent of a loan's value, will save another $750 on the life of a typical loan, HUD estimated.

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