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
Oct 06, 2025
Make Fire Prevention Part of Your Jobsite Safety CultureOctober 5-11 is National Fire Prevention Week, an annual public outreach and awareness campaign by the National Fire Protection Association.
Oct 03, 2025
NAHB's Monthly Update Features Government Shutdown Talking PointsThe update provides the latest messaging framework to help members articulate housing priorities and latest news related to the recent government shutdown and new tariffs.
Latest Economic News
Oct 03, 2025
Supply-Side Cost Pressures Drove Housing as Inflation Leader in 2024Though the rate of inflation peaked in June 2022, consumer prices continued to increase throughout 2023 and 2024 as inflation drove further price growth, according to 2024 CPI review from the Bureau of Labor Statistics.
Oct 02, 2025
Square Foot Prices Moderate in 2024Median square foot prices for new single-family detached (SFD) homes started in 2024 grew modestly, according to NAHB’s analysis of the latest Survey of Construction (SOC) data. For custom, or contractor-built, homes, the median price was $166 per square foot of floor space, up slightly from $162 in 2023.
Oct 02, 2025
17% of NAHB Builders Built Age-Restricted Housing in 2024Only 17% of NAHB builder members build age-restricted housing for people age 55 or older, according to 2024 Member Census. This is up two percentage points from the previous year. However, this share has remained within a narrow band (15%-17%) since the question was added to the member census in 2009.