In one of first Trump admin. orders, Dept of Housing & Urban Dev. suspends reduction of FHA annual m
Last edited Fri Jan 20, 2017, 04:06 PM - Edit history (1)
Source: CNBC
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JUST IN: In one of first Trump admin. orders, Dept of Housing & Urban Dev. suspends reduction of FHA annual mortgage insurance premium rates
UPDATE - added another link
https://www.bloomberg.com/politics/articles/2017-01-20/trump-administration-overturns-obama-s-fha-mortgage-fee-cut
Read more: https://twitter.com/CNBC/status/822510744998658050
cyclonefence
(4,483 posts)kimbutgar
(20,871 posts)Plus it is too complicated for them to understand because what will happen to them can't be explained in 140 character tweet.
Azathoth
(4,603 posts)Get used to that little chestnut, we're gonna hear it a lot the next four years.
randr
(12,408 posts)cyclonefence
(4,483 posts)Missn-Hitch
(1,383 posts)yurbud
(39,405 posts)about a $200 state tax cut they got once, but didn't connect it to the school year for their kids being shortened a couple of weeks. When I asked if they would spend more than that tax cut on daycare for the weeks they wouldn't be in school, they didn't think it was connected at all.
Yavin4
(35,354 posts)They always use race as their angle.
Tiggeroshii
(11,088 posts)etting worse. Not their policies.
I think that is pretty much their go to.
Freddie
(9,231 posts)Wonder if this is for new mortgages or all of them. The PMI is ridiculous (over $100 /month) and unlike a regular mortgage you can't get rid of it no matter how much equity you have in the house.
Angry Dragon
(36,693 posts)Freddie
(9,231 posts)they keep talking about getting a bigger house (it was fine with one kid, not with 2 kids and a Lab) so they might do that instead and hope they can get a conventional mortgage then.
Angry Dragon
(36,693 posts)sarah FAILIN
(2,857 posts)And ask how much she borrowed and how much her payment is in the ballpark of? At work were trying to figure out how this will affect people.
Freddie
(9,231 posts)She borrowed $180000. Principal and interest around $900 but with RE tax, homeowners insurance and PMI her payment is about $1375. I think about $120 of that is PMI.
sarah FAILIN
(2,857 posts)Real world numbers puts it in perspective
padfun
(1,780 posts)You get rid of them by refinancing (If you have enough equity). Unfortunately the interest rates are going up right now so they better be quick about it.
I refi'ed mine this last April but homes in my region were going up fast, and I got a 3.75 rate to boot.
w100jmi
(97 posts)it appears for new loans being dispersed on or after Jan 27 will be affected...
https://portal.hud.gov/hudportal/documents/huddoc?id=17-07ml.pdf
I swear, i don't think i was this pissed about trump presidency as i was with Bush.
muriel_volestrangler
(101,144 posts)http://www.politico.com/story/2017/01/federal-housing-administration-mortgage-fees-donald-trump-233405
You analyse real estate, and you haven't yet worked out that the only feature of Trump's character is "what's in it for me"? Trump will be aggressively negative on anything if it suits him, eg to say "the FHA is failing - let's privatise it".
Achilleaze
(15,543 posts)...as the KGOP cranks up The Purge.
bucolic_frolic
(42,651 posts)or perhaps I should ask, Great for who?
It's going to feed capital, and the wealthy, at the expense of the workers
More_Cowbell
(2,190 posts)by saying that it's helping everyone by keeping people who "can't afford a house" out of the market.
Those same people seem to have no problem with Trump and his companies declaring bankruptcy over and over again. Obviously, Trump could "not afford" to pay his bills and run his businesses. How about we stop letting HIM borrow money?
renate
(13,776 posts)machoneman
(3,951 posts)Trump will blame Obama!
Actually when this and a few other niceties he's talked about come true, these actions will trigger a recession, a recession that is due anyway after 8 years of solid economic growth. Those actions coupled with the threat of, not even the implementation of, tariffs will quicken the fall of the stock market and all the related economic activity said drop will affect.
Now some will say who cares about a market drop?. That would be short-sighted as a Dow-Jones debacle is a SIGN or leading indicator of a rapidly declining economy, one Trump and his ship-of-fools keep saying was already here before he took over. NOT!
TexasBushwhacker
(20,043 posts)It's all peachy until someone wants to sell, then they're stuck because intetest rates have gone up and PMI hasn't come down.
myrna minx
(22,772 posts)tavernier
(12,322 posts)He said it was absolutely insane today. So yup, the word is out.
Nwgirl503
(406 posts)And if they do notice it, Faux news will blame it on Obama. Rinse and repeat.