FHA’s MMIF Capital Reserves Rise in Fiscal Year 2024
The Federal Housing Administration (FHA) today released its annual report to Congress that shows the agency’s capital reserve ratio of its Mutual Mortgage Insurance Fund (MMI Fund) ended the fiscal year (Sept. 30, 2024) at 11.47%, a 0.96 percentage point increase from the previous year. This is well above the congressionally mandated 2% capital ratio.
The total capital in the MMI Fund stands at $173 billion, a $27.5 billion increase from fiscal year 2023. Additionally, FHA’s serious delinquency rate — the percentage of mortgages in its portfolio that are 90 or more days delinquent — was 4.15% as of Sept. 30, 2024, consistent with rates prior to the onset of the COVID-19 pandemic.
In a news release, the Department of Housing and Urban Development (HUD) said that FHA facilitated access to mortgage credit for more than 790,000 home buyers and home owners, including more than 26,000 seniors who obtained a Home Equity Conversion Mortgage (HECM) during the fiscal year.
The MMI Fund report notes that more than 82% of FHA purchase mortgage insurance endorsements in fiscal year 2024 went to first-time home buyers. Over the past four years, approximately 2.3 million borrowers with FHA-insured home purchase mortgages were first-time home buyers. This is eight out of every 10 FHA borrowers.
According to the most recent data available from calendar year 2023, the percentage of FHA’s volume of mortgages made to Black borrowers, 16.7%, was almost two and a half times the rate of the rest of the market, and for Hispanic borrowers, at 22.85%, it was almost double that rate.
Finally, according to calendar year 2023 data, close to half of all rural home buyers obtained mortgages insured by FHA.
Latest from NAHBNow
Advocacy
May 22, 2026
Local Leaders and Builders Unite to Tackle Workforce Gaps in HousingNAHB’s state and local team earlier this year helped convene mayors, city leaders, planners and builders in Orlando as part of the America’s Housing Comeback discussion series to examine workforce development challenges.
Advocacy
May 21, 2026
NAHB Urges Congress to Advance Housing Supply ReformsTestifying today before the House Small Business Committee on how small builders can help close the nation’s housing gap, NAHB Chairman Bill Owens said the core issue is a shortage of housing.
Latest Economic News
Economics
May 21, 2026
Single-Family Starts Fall Amid Economic Uncertainty and Affordability PressuresSingle-family housing starts declined in April as builders faced continued economic uncertainty and affordability challenges, including higher construction costs, ongoing labor shortages and elevated financing expenses. The latest housing starts and permits data suggest that the overall construction pipeline remains uneven across regions and property types.
Economics
May 21, 2026
Housing Affordability Edges Up in First Quarter but Challenges PersistWhile housing affordability remains out of reach for millions of Americans, particularly first-time and entry-level buyers, conditions have improved modestly in the last year, according to the latest data from the National Association of Home Builders (NAHB)/Wells Fargo Cost of Housing Index (CHI).
Economics
May 20, 2026
What It Takes to Leave Parental HomeAs of 2024, one in five adults aged 25-34 lives with parents or in-laws. NAHB’s analysis of the latest American Community Survey (ACS) Public Use Microdata Sample (PUMS) evaluates a wide range of socioeconomic and demographic factors that shape young adults’ path to independence.