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
Dec 19, 2025
Senate Confirms Cassidy as FHA Commissioner, Gormley as Ginnie Mae PresidentNAHB congratulates Frank Cassidy and Joseph Gormley on their recent Senate confirmation to top government posts. Cassidy was confirmed as the U.S. Department of Housing and Urban Development Assistant Secretary for Housing and Federal Housing Commissioner, while Gormley will lead Ginnie Mae as its new president.
Economics | Membership
Dec 19, 2025
2025 Census Survey Reminder: Help Us Advocate for Home BuildingMembers should have received an important reminder this week from NAHB to complete our 2025 Builder and Associate Member Census. Please take a few minutes to participate to help us develop education, advocacy and networking opportunities needed to help your business grow.
Latest Economic News
Economics
Dec 19, 2025
Existing Home Sales Edge Higher in NovemberExisting home sales rose for the third consecutive month in November as lower mortgage rates continued to boost home sales, according to the National Association of Realtors (NAR). However, the increase remained modest as mortgage rates still stayed above 6% while down from recent highs. The weakening job market also weighed on buyer activity.
Economics
Dec 18, 2025
Lumber Capacity Lower Midway Through 2025Sawmill production has remained essentially flat over the past two years, according to the Federal Reserve G.17 Industrial Production report. This most recent data release contained an annual revision, which resulted in higher estimates for both production and capacity in U.S. sawmills.
Economics
Dec 18, 2025
Inflation Slows in November (with a Caveat)Inflation unexpectedly eased in November, according to the Bureau of Labor Statistics (BLS) latest report. This data release was originally scheduled for December 10 but was delayed due to the recent government shutdown.