President Donald Trump issued an executive order to lower the costs of single-family homeownership and mortgages.
Scope: The executive order:
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Directs the Federal Housing Finance Agency to create a pilot program to cancel borrowers’ mortgage insurance premiums proactively once they have satisfied their equity requirements based on the current market value.
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Establishes a Task Force on Manufactured Housing Innovation to increase the quality of and lower the cost of building a home.
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Directs the FHFA to reduce homeowners’ refinancing costs by expanding the title insurance waiver pilot into a permanent program.
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Directs the Agriculture and Veterans Affairs departments to reduce interest rates on single-family home loans.
Treasury Announcement: The Treasury Department separately proposed regulations to implement Section 1001 of the 21st Century ROAD to Housing Act, which restricts large institutional investors from purchasing single-family homes.