Reductions to FHA Annual Mortgage Insurance Premiums Suspended

The US Department of Housing and Urban Development (HUD) issued a statement announcing that the planned annual FHA mortgage insurance premium reduction for home loans closed on or after January 27th will be suspended indefinitely. The suspension was ordered by President Donald Trump and is effective immediately.

HUD’s statement seemed to support the executive order, saying, “[M]ore analysis and research are deemed necessary to assess future adjustments while also considering potential market conditions in an ever-changing global economy that could impact our efforts.” Read HUD’s Mortgagee Letter 2017-07 at http://bit.ly/2j1dEp4.

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