How Lower Mortgage Insurance Premiums will Affect West Michigan

GRAND RAPIDS, Mich. (WZZM) — The housing industry has been steadily improving in West Michigan, and on Thursday, President Obama announced plans that could boost it even more by shaving the FHA mortgage insurance premium.

The President announced Federal Housing Administration mortgage insurance premiums will be lowered by half a percentage point, from 1.35 percent to 0.85 percent which means more Americans can afford to become homeowners.

Karin Kay from Sable Homes joined WZZM 13’s Meredith Terhaar to share what this means for West Michigan.