On Day 1, Donald Trump made it more expensive for middle-class Americans to buy their first home
The attack on working and middle-class Americans has already begun. In one of his first actions as president, Donald Trump made it more expensive for hundreds of thousands of Americans to buy their first home.
According to the National Association of Realtors, Trump’s action will increase the cost of home ownership for 750,000 to 850,000 Americans in the next year alone.
Last week, the Obama administration announced that the Federal Housing Administration would reduce the cost of the mortgage insurance it sells by almost a third to 0.60 percent.
However, immediately after taking office, Donald Trump’s administration announced that the Department of Housing and Urban Development, which oversees the FHA, has notified lenders that the fee reduction was being reversed.
And that reversal by the Trump administration will mean that homebuyers who borrow $200,000 under the program will see their mortgage insurance fees go up by $500 a year compared to what they would have paid under the Obama administration proposal.
