What the New Housing Executive Order Means for You
On Thursday, October 22, the President signed an executive order aimed at lowering the cost of owning a home. Here’s what matters for you.
Three changes worth knowing about
- Mortgage insurance (PMI) could come off sooner. A new pilot program would remove PMI automatically once your equity, based on today’s home value (not what you originally paid), reaches the required level. For many homeowners, that could mean real monthly savings.
- Refinancing could cost less. A program offering cheaper alternatives to traditional title insurance on refinances is becoming permanent, which helps lower closing costs.
- Lower rates on certain USDA and VA loans. Both departments are directed to reduce rates on the home loans they make.
What this means right now
None of this changes your loan today. The agencies still need to work out the details, and I’ll keep you posted as they do.
You may not need to wait
Here’s the good news: if your home has gone up in value, you might already qualify to drop PMI under current rules.
And if you’ve been thinking about refinancing or buying, now is a good time to look at your options.
If your home has gone up in value, you might already qualify to drop PMI.
Let’s review your situation
I’m happy to look at your options with you. No pressure.
Source: Trump signs order aimed at reducing single-family housing costs