FHA (first time homebuyer)
Did Donald trump just got rid of the FHA. I been looking for my first house and I was going to use this program which I believe gives me like 7k for closing cost and some other stuff. Can someone tell me what the money really was going to cover and if trump got rid of it please?
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To add a little more to the previous comments, fha has an upfront mortgage insurance fee and an annual mortgage insurance that is charged with your monthly mortgage paymemt. These funds go towards insuring loans that don't perform.
There had been a proposed rate reduction on the amount of annual mortgage insurance that was set to take effect on January 27th. This would have saved money for those getting new fha financing that closes after that date. This was suspended indefinitely.
So, the rates just won't go down at this time.