2017 FHA MIP Change That Wasn't

By
Mortgage and Lending with SWBC Mortgage 410-960-2061 NMLS 196068

2017 FHA MIP Change That Wasn't

 

I have seen so many facebook posts about the FHA MIP mortgagee letter that "postponed" the .25% MIP reduction within 1 hour after Donald Trump was sworn in as the President of the United States.

 

Here's a few:

But he just nullified the fee reduction for first time FHA buyers, making it more expensive for poor people to buy a home.

 

 

...and homeownership just got more expensive

 

And Headlines:

Early Trump Moves Makes Housing More Expensive For Millions

 

Trump Suspends Order That Would Have Made Mortgage

Insurance Cheaper for 1M Households  NBC New York

 

First Act Of Trump Administration Make Housing More Expensive Again

 

Trump takes away FHA mortgage insurance not long after being sworn into office


Trump already suspends Obama-Era Mortgage Insurance Cut

 

Sure seems like there is something rotten in Denmark.

 

On January 9th, there was a mortgagee letter that indicated that for loans "closed or funded" after Jan 27th the mortgage insurance premium would be reduced by .25%.  

 

This would equate to about $30-$60/month depending on the loan size for borrowers.  This is not life changing for most, but could encourage some homeowner's to refinance and would offset some of the increase in rates that we have seen since the elections.   


In 17 years in this business, any changes to FHA, the changes have been based on the date that the case number was assigned, not on the closing date.  That was strange.  

 

I am sure there were thousands of loan officers who were contacting their clients to let them know they were going to save money.  There were home buyers that found out they were going to save money on their new mortgage, some could even afford a little more.   Companies were scrambling to update their loan software and closing systems.  And there were probably some contract extension written to ensure that buyers could take advantage of the change.

 

...But then it was halted.  Trump and his administration are vilified for hurting the poor, taking away the American Dream for deserving people.

 

I don't care which side of the aisle you are on, you have to admit that this seems a bit contrived.


Who looks like they were trying to be a hero?  Who looks bad?  How much money, time, and emotions  were wasted on all of this?

 

Check this out and then decide for yourself...Rotten, that is what I say!

 

 

Posted by

Warm Regards,

Bridget McGee  Maryland Mortgage Mama  NMLS# 196068  SWBC Mortgage.   410-960-2061 EHO   bridget.mcgee@swbc.com or www.marylandmortgagemama.com

 

If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure! 

If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest.  Please contact me at 410-960-2061.

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Tags:
conspiracy theory
fha mip
maryland mortgage mama
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president donald trump
fha mip 2017
fha changes 2017
ben carson housing
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Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Birdget, I heard this right after the inauguration was over too, and hope they agree to it again! 

Jan 21, 2017 06:37 AM #1
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
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Now  you see it...now you don't.

 

Jan 24, 2017 08:07 PM #2
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Rainmaker
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Bridget "Mortgage Mama" McGee

Maryland Mortgage Mama NMLS#196068
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