Today, Donald Trump took the oath of office and now has become the 45th President of the United States. There is no doubt that his administration will be bringing about change, good or bad, there will be change. The day is not yet over and we have already begun to see a change affecting the mortgage industry, specifically FHA buyers. January 9th the FHA announced a reduction in the annual mortgage insurance premium rates (MIP) and there was much buzz and excitement at the potential savings to a borrower.
As of today, it has been indefinitely suspended. (It was set to take affect on January 27th).
As we go through this changing year, rest assured Cornerstone Mortgage and myself will be on top of anything that will affect our clients. Please don’t hesitate to reach out to me with any questions.
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