The United States Department of Housing and Urban Development (HUD) announced today, January 20, 2017, that they have suspended the plan to lower the mortgage insurance premiums on loans insured by the Federal Housing Administration (FHA). This reversal came immediately after President Donald Trump’s inauguration; an explanation as to why has not yet been provided. The Federal Housing Administration announced on January 9th, 2017 that they would reduce the annual mortgage insurance by a quarter percent for all loans closing on or after January 27, 2017 saving the average borrower approximately $500 per year.
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