President Donald Trump signed an executive order on Thursday aimed at lowering homeownership costs and boosting the production of manufactured housing. The directive arrives less than two weeks before midterm elections that have been heavily dominated by voter concerns over the economy and affordability.
The executive order reflects a draft previously made public and instructs various federal agencies to take specific steps to reduce mortgage expenses and support alternative housing developments. In a statement released following the signing, the White House emphasized the administration’s focus on economic relief.
“Homeownership is a vital pillar of our great Nation, and President Trump and his Administration are working tirelessly to cut burdensome costs and red tape to make the American dream of homeownership more affordable for all Americans,” the White House said.
The action comes amid a sluggish housing market characterized by rising lending costs and elevated interest rates. The mounting expenses associated with buying and maintaining a home have emerged as a central theme in the current midterm election cycle, as voters grapple with broader economic frustrations.
Under the new directive, several specific policy changes and agency actions are set into motion. The order directs the Federal Housing Finance Agency to establish a pilot program focused on proactively canceling mortgage insurance for eligible borrowers who hold government-backed home loans. Additionally, it instructs the agency to expand an existing program that permits borrowers to qualify for government-sponsored mortgages by utilizing lower-cost alternatives to traditional title insurance.
The directive also addresses federal lending programs managed by other departments. It calls upon the Department of Veterans Affairs and the Department of Agriculture to reduce interest rates on single-family mortgages offered through their respective housing assistance programs.
Furthermore, the order establishes a multiagency task force tasked with supporting innovation in the development of manufactured homes. Both the administration and members of Congress have increasingly championed manufactured housing as a viable and more affordable solution to the rising costs of traditional home construction.
