Trump signs executive order aimed at lowering housing costs

President Trump signed an executive order intended to lower housing costs, as reported by foxsanantonio.com, kfdm.com, and cnycentral.com. The move comes ahead of midterm elections where inflation and housing affordability are key voter concerns.

The executive order directs several agencies to take actions to reduce mortgage costs and provide access to cheaper alternatives to title insurance. It also supports the development of manufactured housing, according to these sources.

Specifically, the Federal Housing Finance Agency (FHFA) director is instructed to create a pilot program to cancel mortgage insurance premiums for borrowers who meet equity requirements based on current market value. The FHFA must also expand programs to allow less expensive title insurance options and reduce refinancing closing costs and monthly homeownership expenses.

Additionally, the Departments of Veterans Affairs and Agriculture are directed to reduce interest rates on single-family home loans offered through their housing programs. The order establishes a multiagency task force to lower building costs and improve construction quality, foxsanantonio.com and kfdm.com reported.