A recent study by the General Accounting Office indicated that about one-third of FHA borrowers would meet the down payment and income requirements of private mortgage insurance companies (PMIs). A part of this one-third, however, would not meet the credit requirements of PMIs, which would reduce the overlap (at a guess) to 20-25%. In other words, the majority of FHA borrowers would not be served by the PMIs. While there have been proposals to raise the FHA maximums, this would extend the subsidy to much higher-income borrowers and probably would require higher insurance premiums.