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It has proven to be one of the most effective ways for lower- and middle-income families to build wealth. However, on January 20, 2017-President Trump's first day in office-the Trump Administration abruptly reversed course, suspending Castro's decision citing the need for "more analysis and research…to assess future adjustments." More than six months later, HUD has yet to announce a final decision.Īccording to the National Association of Realtors, the Trump Administration's move will cost 750,000 to 800,000 homeowners hundreds of dollars and will exclude an additional 30,000 to 40,000 prospective homebuyers from realizing their dream of homeownership in 2017 alone.įor many families across this country, homeownership is the cornerstone of achieving their American Dream. Under the Obama Administration, former HUD Secretary Julián Castro announced that FHA MIP rates would be reduced in an effort to spur greater homeownership and ease financial constraints on homeowners. "Unfortunately, as a result of the 2008 Financial Crisis, homeownership is out-of-reach for far too many families, especially millennials and minorities." Beatty continued, "Lowering the FHA MIP rates, at a time when homeownership rates are at a 50-year low, will remove unnecessary financial barriers, making homeownership a reality for more Americans and helping more lower- and middle-income families build wealth at the same time." "Homeownership is the cornerstone of the American Dream," Beatty said. Congresswoman Joyce Beatty (OH-03) spearheaded a letter-joined by 20 Democratic Members of Congress-calling on Department of Housing and Urban Development (HUD) Secretary Ben Carson to lower the Federal Housing Administration's (FHA) annual Mortgage Insurance Premium (MIP) rates by 25 basis points. Leads effort to remove barriers to homeownership Congresswoman Beatty Calls on HUD Secretary Carson to Lower FHA Mortgage Insurance Premium Rates