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Trump Administration Overturns Obama’s FHA Mortgage-Fee Cut
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Contributor | RP |
Last Edited | RP Jan 20, 2017 03:23pm |
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Category | Rule Change |
Author | Joe Light |
News Date | Friday, January 20, 2017 06:25:00 PM UTC0:0 |
Description | The Trump administration overturned a mortgage-fee cut under a government program that’s popular with first-time home buyers and low-income borrowers.
The Department of Housing and Urban Development on Friday said the agency is canceling a reduction announced last week while President Barack Obama was still in office. The Federal Housing Administration had planned to cut its annual fee for most borrowers by a quarter of a percentage point to 0.60 percent, effective on Jan. 27.
The cut would have reduced the annual premium for someone borrowing $200,000 by $500 in the first year. |
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