The Trump administration overturned a mortgage-fee cut under a government program that’s popular with first-time home buyers and low-income borrowers.
The Department of Housing and Urban Development on Friday said the agency is canceling a reduction announced last week while President Barack Obama was still in office. The Federal Housing Administration had planned to cut its annual fee for most borrowers by a quarter of a percentage point to 0.60 percent, effective on Jan. 27.
A letter from HUD to lenders and others in the real-estate industry, sent after Donald Trump assumed the presidency on Friday, didn’t give an explanation of the decision. Read more here.
