President Trump signs executive order eliminating the 1/4% FHA mortgage rate cut just announced
A new President, a new day! But not a good day for first time home buyers nor President Trump supporters.
With one quick stroke of his pen, on day one, President Trump took back the FHA mortgage insurance rate cut that had just gone into effect on January 9, 2017. For the average home buyer using FHA financing, this will cost each of you an average of $500 per year. Here in the Portland area, this will cost you between $700 – $900 per year. Not necessarily a deal breaker for many of you, but why in the world did he do that?
FHA has the reserves now to support this rate drop. Perhaps you should ask him.
Please read the article just published yesterday about this rate cut for more information