You may have seen headlines about a new housing executive order and wondered whether it changes anything for you. On October 22, the White House issued an order titled "Decreasing Housing Costs for the American People." It touches mortgage insurance, refinancing, title insurance, manufactured housing, and government direct loans. Here's my plain-spoken take on what it does, what it doesn't do yet, and who in Clovis, Portales, and the rest of eastern New Mexico should keep an eye on it.

An order is a starting gun, not a finished rule

The most important thing to know is that most of the order directs agencies to act. The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, along with the Departments of Agriculture and Veterans Affairs, now has to design and roll out the details. Until those agencies publish their own guidance, nothing changes on a loan you apply for today.

Mortgage insurance cancellation on future conventional loans

The order tells FHFA to have Fannie Mae and Freddie Mac set up a pilot that periodically checks a home's current market value and flags borrowers who appear to meet the equity and other requirements to cancel private mortgage insurance, then notifies them and cuts down on the paperwork. The order says the pilot applies only to mortgages made after it is set up, so existing loans aren't included under the current wording. It also only involves loans owned or backed by Fannie Mae and Freddie Mac, which means it is a conventional-loan topic, not an FHA or VA one.

If you already have a conventional loan with mortgage insurance, the existing rules still apply, and you may already be able to ask your servicer about removing it once you have built up enough equity. I'm happy to help you figure out where you stand.

Cheaper refinancing, over time

The order directs FHFA to turn its title insurance waiver pilot into an ongoing program for eligible refinances, which could lower closing costs on some refinances. Industry groups also report it asks FHFA to look at waiving appraisals and some documentation on certain rate-and-term refinances that lower the payment, and to trim some loan-level fees on those loans. These are refinance changes, not purchase changes, so first-time buyers shouldn't expect lower closing costs on a purchase from this part.

What about VA and USDA?

The order asks the Secretaries of Agriculture and Veterans Affairs to reduce interest rates on single-family home loans made directly by their departments. That's a narrow group of loans. Most Cannon AFB families use a VA-guaranteed loan from a lender, and most rural buyers use USDA's guaranteed program, and neither is the "direct" lending the order names. So if you're planning a PCS move to Clovis, your VA loan options haven't changed because of this order.

What I'd do right now

  • Don't wait on a pilot. No one knows exactly when or how these programs will launch. Plan your move on today's rules.
  • Ask about your current mortgage insurance. If you have a conventional loan, removal may already be possible.
  • Keep an eye on refinance changes. I'll post updates here as FHFA and the agencies release details.

If you'd like to talk through how any of this fits your situation, reach out and we'll walk through it together. Loans are subject to credit approval, and program rules can change, so I always confirm the latest guidelines before we move forward.