Trump FHA loan ruling hurts

Already we see how Trump is looking out for the little guy. Some of the big issues get covered in the news but here is a relatively small issue that is being slipped through without much of a notice. A sign of things to come.

Obama signed into effect a reduction in FHA monthly Mortgage Insurance Premium (MIP) to take effect Jan. 27, 2017. The reduction would have been from 30 percent to nearly 50 percent of the premium currently being paid by borrowers with FHA home loans. FHA loans are mostly used by first time home buyers who have little down payment available to buy a home. It is disgusting to me that one of the first actions by our new president is to use his powers to cancel this reduction making it harder for those first time home buyers.

Nice move Pres! Did you know what you were signing and did you have a reason? Could it be that you just are out to erase any legacy of President Obama? This is just a small example of how Trump is using a slash and burn mentality that will hurt the very people he swore he would help during his campaign. Hold on to your seats ladies and gentlemen, us little guys have just begun to bleed.

This story was originally published February 9, 2017 at 4:53 PM with the headline "Trump FHA loan ruling hurts."