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Story summary
- The Federal Housing Finance Agency updated mortgage rules for Fannie Mae and Freddie Mac to reduce insurance costs for buyers, especially in rural areas and for condos.
- The changes allow Actual Cash Value roof coverage, simplify deductible rules, and scrap a prior clarification that increased costs.
- FHFA Director Bill Pulte said the updates will lower monthly payments and pave the way for further cost reductions.
