Trump’s Executive Order Could Make PMI Cancellation Easier for Future Homebuyer

President Trump’s new executive order aims to lower homeownership costs by making it easier for qualifying borrowers to eliminate private mortgage insurance (PMI). The order calls for a pilot program that would proactively review eligible Fannie Mae and Freddie Mac loans and cancel PMI once homeowners meet the required equity and other eligibility criteria, taking their home’s current market value into account.

The program would apply only to mortgages made after its establishment. While it does not eliminate PMI at closing, it could help eligible homeowners shed that monthly expense with less paperwork and fewer administrative hurdles.

Read the CNBC article.