The White House is reportedly considering a draft executive order titled “Decreasing Housing Costs for the American People,” first obtained by Scotsman Guide and also reported by HousingWire. As of this writing it has not been signed, and the final details could change. Here is what the current draft includes and why Kentucky borrowers should keep an eye on it.
What the Draft Proposes
- Reducing or eliminating certain loan-level pricing fees on eligible refinances
- Waiving appraisals and some documentation on qualifying refinances that lower your payment
- Expanding title insurance waivers to reduce closing costs
- Directing the VA and USDA to pursue lower rates for eligible borrowers
- Requiring servicers to notify you when you may qualify to remove mortgage insurance
Who in Kentucky Could Benefit
- Homeowners who bought or refinanced at higher rates over the past few years
- Veterans and military families, including those near Fort Knox and Fort Campbell
- Rural homeowners and buyers using USDA financing
- FHA and conventional borrowers still paying mortgage insurance
What Is Happening With Buyers
According to the National Association of Realtors, pending home sales fell 7.3% in September, the lowest reading since NAR began tracking the index in 2001. Fewer buyers competing can mean more room to negotiate seller concessions or a rate buydown.
My Honest Take
Lower closing costs help. Lower rates help more. This order alone will not fix affordability, but if it moves forward, it could make refinancing realistic for many Kentucky families sooner than expected. Until the final version is signed and the agencies publish guidelines, nobody can say exactly who qualifies or how much you could save.
Want to Know Where You Stand?
I am happy to review your current loan and tell you plainly whether a refinance may make sense now or whether it is better to wait.
Call or text Joel Lobb: 502-905-3708
kentuckyloan@gmail.com · mylouisvillekentuckymortgage.com
Joel Lobb, Mortgage Broker, EVO Mortgage · NMLS #57916 · Company NMLS #1738461 · 911 Barret Ave, Louisville, KY 40204 · Licensed in Kentucky · Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval and program requirements. Proposed policies are not final and may change. Not endorsed by FHA, VA, USDA, KHC, or any government agency. nmlsconsumeraccess.org