What Trump’s order on mortgages means for you
What Trump’s order on mortgages means for you
By Mary Bowerman, Sean Rossman, and Gregory Korte USA TODAY
Donald Trump blocked an Obama administration policy Friday that would have reduced the cost of mortgages for millions of home buyers.
Here’s a look at what Trump’s first executive action means for your mortgage:
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What happened?
In the first hour of Trump's presidency, the U.S. Department of Housing and Urban Development sent a letter to lenders, real estate brokers and closing agents suspending the 0.25 percentage point premium rate cut for Federal Housing Administration-backed loans. The new rates, announced on Jan. 9, would have gone into effect on Friday.
Who does the cut affect?
The order will affect millions of homeowners with an FHA-backed mortgage. FHA backs about 16% of the country's new mortgages. FHA loans offer easier credit requirements, lower down payments and smaller closing costs, attractive perks for lower-income home buyers.
READ MORE: http://www.msn.com/en-us/money/realestate/...
By Mary Bowerman, Sean Rossman, and Gregory Korte USA TODAY
Donald Trump blocked an Obama administration policy Friday that would have reduced the cost of mortgages for millions of home buyers.
Here’s a look at what Trump’s first executive action means for your mortgage:
Recommended for you:
2.7% FHA Home Loans - Compare FHA Approved Lenders.
Compare FHA Approved Lenders. View Today's Rates Online 3.0 APR
FHA-loans.4mortgagequotes.com |Sponsored
What happened?
In the first hour of Trump's presidency, the U.S. Department of Housing and Urban Development sent a letter to lenders, real estate brokers and closing agents suspending the 0.25 percentage point premium rate cut for Federal Housing Administration-backed loans. The new rates, announced on Jan. 9, would have gone into effect on Friday.
Who does the cut affect?
The order will affect millions of homeowners with an FHA-backed mortgage. FHA backs about 16% of the country's new mortgages. FHA loans offer easier credit requirements, lower down payments and smaller closing costs, attractive perks for lower-income home buyers.
READ MORE: http://www.msn.com/en-us/money/realestate/...
