HUD halts MIP reduction: What does the real estate industry think?

  • An hour after President Trump was sworn in, HUD issued a letter indicating the suspension of FHA's annual mortgage insurance premium reduction.
  • The National Association of Realtors along with the California Association of Realtors both expressed their disappointment in the suspension, and its potential impact on homebuyers.
  • Real estate professionals could be experiencing delays for those clients who had planned closings around the Jan. 27 reduction implementation, but many are not overly worried about the impact of the suspension on their market.

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Real estate professionals who had delayed closings to take advantage of the Federal Housing Administration’s annual mortgage insurance premium (MIP) cuts have to tell clients, “Just kidding.”