Key facts
- Order aims to lower costs of single-family homeownership and mortgages.
- Pilot program to cancel mortgage insurance premiums for qualifying borrowers.
- Task force to promote modern manufacturing methods for factory-built housing.
- Permanent program to expand title insurance waiver to reduce refinancing costs.
- Reduced interest rates on single-family home loans from Agriculture and VA Departments.
President Donald Trump signed an executive order on Thursday aimed at reducing housing costs and expanding access to homeownership, the White House said. The order directs the Director of the Federal Housing Finance Agency (FHFA) to create a pilot program to cancel borrowers’ mortgage insurance premiums proactively once they have satisfied their equity requirements, which is intended to eliminate a significant monthly expense for qualifying Americans. The order also establishes a Task Force on Manufactured Housing Innovation to facilitate the use of modern manufacturing methods in producing factory-built housing eligible for federal programs. Additionally, the FHFA Director is directed to reduce homeowners’ refinancing costs by expanding the FHFA’s title insurance waiver pilot into a permanent program. The Secretaries of Agriculture and Veterans Affairs are directed to reduce interest rates on single-family home loans made by their respective Departments.