Just eleven days ago, as reported by The Voice/Black Voice News, the U.S. Department of Housing and Urban Development announced the Federal Housing Administration plans to reduce, by a quarter of a percent, the annual premiums most borrowers would pay for mortgages in 2017.
The Federal Housing Administration’s reduced premium rates were projected to save new, FHA-insured homeowners an average of $500 this year. The change was slated to most new mortgages with a closing/disbursement date on or after January 27, 2017.
However, just hours after he took the oath of office, President Donald J. Trump revoked the price cut indefinitely. The planned reduction was expected to provide savings to millions of Americans who insure their home loans through the FHA.
The Trump administration did not provide any explanation for the change.