FHA’s MMIF Capital Reserves Rise in Fiscal Year 2024

Housing Finance
Published
Contact: Curtis Milton
[email protected]
Director, Single Family Finance
(202) 266-8597

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.

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe

Latest from NAHBNow

Disaster Response

Sep 12, 2025

Builders’ Guide to Keeping Job Sites and Communities Prepared

September is National Preparedness Month, an annual federal initiative to raise awareness and equip individuals, businesses and communities with the tools they need to prepare for disasters.

IBS | Awards

Sep 11, 2025

2026 Best of IBS Awards Open

The NAHB International Builders’ Show® (IBS) recognizes the outstanding building products and services with the Best of IBS Awards. Apply by Nov. 21, 2025, to showcase your products.

View all

Latest Economic News

Economics

Sep 12, 2025

Household Real Estate Asset Values Reach New High

The market value of household real estate assets rose to $49.3 trillion in the second quarter of 2025, according to the most recent release of U.S. Federal Reserve Z.1 Financial Accounts. The value rose by 2.7% from the first quarter and is 1.1% higher than a year ago. This measure of market value estimates the value of all owner-occupied real estate nationwide.

Economics

Sep 11, 2025

Parking Trends in Newly Completed Single-Family Homes, 2024

In 2024, 65% of newly completed single-family homes featured two-car garages, according to NAHB’s analysis of the Census’s Survey of Construction data. The share of new homes with three or more car garages stood at 15%, continuing a downward trend from its peak of 24% in 2015 and decreasing 2 percentage points from 2023.

Economics

Sep 10, 2025

Year-over-Year Building Material Price Growth Advances

Price growth for residential building materials rose for the fourth straight month in August, reaching its highest level since January 2023. Across domestic inputs goods and services into residential construction, service prices decreased in August while goods prices slightly advanced.