President Donald Trump signed an executive order on October 22 aimed at making homeownership more affordable by reducing mortgage-related expenses, lowering refinancing costs, and expanding access to affordable housing. The initiative comes as elevated mortgage rates and home prices continue to challenge buyers and homeowners.
The order includes initiatives to automatically eliminate mortgage insurance for eligible borrowers who meet equity requirements, lower refinancing costs by streamlining title insurance and appraisal requirements, reduce interest rates on certain VA and USDA direct home loans, and expand manufactured and factory-built housing to increase affordable options.
The executive order represents an effort to address housing affordability by lowering the costs associated with obtaining and maintaining a mortgage. However, many of the initiatives require further implementation by federal agencies, meaning the financial benefits will not be immediate or available to every borrower.
Source : https://tinyurl.com/85f7e89x
By: Jon Iacono