WASHINGTON (dpa-AFX) - President Donald Trump has signed an Executive Order to lower the costs of single-family homeownership and mortgages.
The Order directs the Director of the Federal Housing Finance Agency to create a pilot program to cancel borrowers' mortgage insurance premiums proactively once they have satisfied their equity requirements based on the current market value, which will eliminate a large monthly expense for qualifying Americans across the country.
The Order establishes the Task Force on Manufactured Housing Innovation, co-chaired by the Secretary of Housing and Urban Development and the FHFA Director, to increase the quality of and lower the cost of building a home by facilitating the use of modern manufacturing methods in the production of factory-built housing eligible for federal housing programs.
The Order directs the FHFA Director to reduce homeowners' refinancing costs by expanding the FHFA's title insurance waiver pilot into a permanent program to allow more borrowers to utilize cost-friendly alternatives to title insurance and to reduce the closing costs of refinancing and monthly expenses associated with homeownership.
In the executive order, Trump directed the Secretary of Agriculture and Secretary of Veterans Affairs to reduce interest rates on single-family home loans made by their respective Departments.
The Executive Order is expected to bring relief to potential American home owners at a time unnecessary regulations and outdated mortgage processes made homeownership unaffordable and driven up closing costs.
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