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HUD FHA Mortgage Insurance Premium Reduction SUSPENDED
Well folks, sorry but the good news did not last long!
The Federal Housing Administration - Insured (FHA) announced two weeks ago that it would cut the mortgage insurance premiums on FHA loans. The cut would have taken place on April 27 but it was suspended for an indefinite period of time las Friday shortly after President Trump's inauguration.
When HUD announced the cut the real estate industry and buyers where very happy. The President of the National Association of Realtors - William E. Brown mentioned that "it is simple math, every time we cut the cost of mortgage insurance more borrowers meet the debt-to-income ration required to purchase a home".
An analysis performed by ATTOM Data Solutions found that the the cut would have saved an average of $446 each year to U.S. borrowers. While the cut is essentially canceled for now, it is unclear if the Trump administration will revisit it in the future.
Dr. Ben Carson ,Trump's Cabinet Pick to lead
the Department of Housing & Urban Development (HUD)
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