The Trump administration, hours after taking office on Friday, suspended a plan to reduce annual insurance premiums on federally insured home loans that the U.S. government had estimated would save eligible homeowners an average of $500 a year.

READ MORE : FHA to reduce annual insurance premiums on most mortgages in the U.S.

The announcement came in a letter signed by Deputy Assistant Secretary for Housing Genger Charles.

“This Mortgagee Letter (ML) communicates that Mortgagee Letter 2017-01, reducing Mortgage Insurance Premiums for loans with Closing/Disbursement date on or after January 27, 2017, has been suspended indefinitely. FHA will issue a subsequent Mortgagee Letter at a later date should this policy change.”

“FHA is committed to ensuring its mortgage insurance programs remains viable and effective in the long term for all parties involved, especially our taxpayers. As such, more analysis and research are deemed necessary to assess future adjustments while also considering potential market conditions in an ever-changing global economy that could impact our efforts.” stated in letter.

Source: HUD