Millions of Renters Could Become Homeowners in 2015

It was recently announced that the FHA, which has historically been the go-to mortgage option for borrowers with limited down payments and credit, is planning to reduce its mortgage insurance premium from 1.35% of a loan's value per year to 0.85%. This comes on the heels of an announcement that both Fannie Mae and Freddie Mac are rolling out new products designed to let first-timers buy a home with as little as 3% down.

This is a huge development, and could encourage a lot of current renters to finally take the plunge into home-ownership. And more importantly, it could give the U.S. real estate recovery, which slowed down in 2014, a big kick-start in 2015.
What kind of an impact could the mortgage insurance reduction have?>