And yes, the FHA insurance will go up and will hurt low income and middle class homeowners…
The Department of Housing and Urban Development announced it suspended the reduction of Mortgage Insurance Premiums, effective immediately.
HUD sent out an announcement just an hour after President Trump was sworn in on Friday, stating that the cuts have been suspended indefinitely.
The letter, found here, stated that the FHA will issue a subsequent Mortgagee Letter at a later date should this policy change.
“FHA is committed to ensuring its mortgage insurance programs remains viable and effective in the long term for all parties involved, especially our taxpayers,” the letter stated. “As such, more analysis and research are deemed necessary to assess future adjustments while also considering potential market conditions in an ever-changing global economy that could impact our efforts.”