February 22nd, 2023 by WCBC Radio

Vice President Kamala Harris will be in Bowie this Wednesday to discuss housing costs.  WBAL reports she plans to talk about the Biden administration's efforts to lower the cost for homebuyers through a new plan that will lower rent and offer credit for first-time homebuyers to help with down payments. According to the news release, the Department of Housing and Urban Development will reduce its annual mortgage insurance premium by 0.30 percentage points, from 0.85% to 0.55% for most new borrowers. The mortgage insurance premium is the monthly fee that homeowners with FHA-insured mortgages pay to insure their mortgages, which they pay on top of their monthly principal and interest payments.