BREAKING NEWS: FHA Mortgage Insurance reduction SUSPENDED INDEFINITELY

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As President Trump’s inauguration ceremony is in process, HUD has suspended the reduction of the annual FHA mortgage insurance indefinitely.  Mortgage Letter 2017-07 cancels Mortgage Letter 2017-01, issued by HUD just 9 days ago.

The reduction in mortgage insurance was to take place on FHA mortgages closing January 27, 2017 and later.

As I mentioned in my earlier post, the reduction to the mortgage insurance premium that was scheduled to go into effect during the new administration was reportedly done without consulting them. It’s reported that Trump’s administration wants to have the chance to review the proposed reduction.

Stay tuned.

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