Could the New Housing Order Lower Costs in Ohio?

by Glasshouse Marketing

Could the New Housing Order Make Buying a Home Cheaper in Ohio?

A new executive order signed by President Donald Trump on October 22, 2026, aims to lower some of the costs connected to buying, owning, building, and refinancing a home.

The key word is aims.

The order does not immediately lower home prices or mortgage rates. Instead, it tells federal housing agencies to develop or expand several programs that could eventually save some borrowers money.

As Inman explained in its coverage, the order focuses on four areas: mortgage insurance, manufactured housing, title costs during refinancing, and certain government loans. www.inman.com

Here is what each part could mean for Ohio homeowners and buyers.

1. Some Future Homeowners Could Stop Paying PMI Automatically

Private mortgage insurance, usually called PMI, is an extra monthly cost that often applies when a buyer puts less than 20 percent down on a conventional mortgage.

PMI is not always permanent. It can generally be removed after the homeowner builds enough equity and meets the loan requirements. The problem is that homeowners may not realize they qualify, and removing it can require paperwork or a new appraisal.

The new order calls for a pilot program that would automatically review some future Fannie Mae and Freddie Mac loans. If the homeowner has enough equity and meets the other requirements, the mortgage insurance could be removed with less paperwork.

What this means right now

Nothing changes immediately.

The pilot has not started, and it would only apply to mortgages made after the program begins. Current homeowners should continue following their mortgage servicer’s existing process for requesting PMI removal. www.whitehouse.gov

2. It Could Become Easier to Build Manufactured and Modular Homes

The order creates a federal task force focused on manufactured and factory-built housing.

These homes are built partly or entirely in a factory before being delivered to the property. Building this way can sometimes reduce construction time and costs.

The task force will study how federal agencies can simplify inspections, certifications, financing requirements, and other rules. It has 180 days to make recommendations. www.whitehouse.gov

What this could mean for Ohio

Factory-built housing could help add inventory in parts of Ohio where land is available but traditional new construction is becoming too expensive for many buyers.

That could matter in smaller communities and rural areas around Dayton, Springfield, Wilmington, Troy, Cincinnati, Columbus, Cleveland, and Akron.

However, the order does not override local zoning. A manufactured or modular home would still need to meet the rules for the specific city, township, development, or parcel.

This part of the order could help create more housing eventually, but it will not produce new homes overnight.

3. Some Homeowners Could Pay Less to Refinance

Refinancing a mortgage comes with closing costs. One of those costs can be a new lender’s title insurance policy.

The order directs the Federal Housing Finance Agency to consider expanding a program that allows an automated title review to replace a traditional lender’s title insurance policy on certain refinance transactions.

It also asks the agency to consider reducing other refinance requirements and fees when its existing data show that the loan presents a low risk.

What this means for homeowners

Some qualifying homeowners could eventually save money when refinancing.

However, this would not apply to every refinance, and it does not mean that title protection is no longer important. Title problems can include unpaid liens, ownership disputes, recording mistakes, and fraud.

Before choosing a lower-cost option, homeowners should ask what protection they are receiving, what is not covered, and how much they are actually saving.

4. A Small Group of Government Borrowers Could Receive Lower Rates

The order also directs the USDA and Department of Veterans Affairs to reduce interest rates on certain home loans made directly by those departments.

This is much narrower than it sounds.

It does not lower the rate on every USDA loan, VA loan, FHA loan, or conventional mortgage. It only applies to specific direct-loan programs, and the agencies still need to explain who qualifies.

Does This Lower Mortgage Rates for Everyone?

No.

The executive order does not set the national 30-year mortgage rate. It also does not require every bank, credit union, or mortgage company to lower its rates.

Mortgage rates still depend on the broader economy, inflation, bond markets, the type of loan, and the borrower’s financial qualifications.

Will It Lower Home Prices in Ohio?

Not directly.

Home prices are driven largely by supply and demand in each local market. The Cleveland market is different from Columbus, Cincinnati, Dayton, or Wilmington.

The order could help affordability in other ways:

Some future homeowners may stop paying PMI sooner.
Some homeowners may pay less to refinance.
Certain government borrowers may qualify for lower rates.
Factory-built housing could eventually add more inventory.

Those changes could reduce costs for some people, but they do not guarantee lower home prices.

Should Ohio Buyers Wait?

Probably not based only on this announcement.

Most of the programs still need to be created. We do not yet know exactly when they will begin, who will qualify, or how much consumers could save.

Buyers should continue making decisions based on:

Their current mortgage approval
The monthly payment they can comfortably afford
Available homes in their preferred area
Property taxes and insurance
Expected maintenance costs
How long they plan to own the home

If a new program becomes available before they purchase, they can compare it with their existing options.

What Should Current Homeowners Do?

Homeowners paying PMI do not need to wait for the new program. They can contact their mortgage servicer now and ask:

How much equity do I currently have?
When can my PMI be removed?
Do I need an appraisal?
What forms or documents are required?
Will PMI eventually end automatically under my current loan?

Homeowners considering a refinance should compare the monthly savings with the closing costs. A lower payment is helpful, but only if the total refinance makes financial sense.

The Bottom Line

The new housing order could eventually lower certain costs for some homebuyers and homeowners, but it does not create an immediate nationwide change.

It does not automatically lower mortgage rates, reduce home prices, remove PMI, or eliminate title insurance.

For Ohio consumers, the most important thing is to watch how the programs are developed while continuing to make decisions based on today’s real numbers. That means reviewing the full monthly payment, current loan terms, available inventory, property-specific expenses, and the buyer’s long-term plans.

At Glasshouse Realty, we will continue watching these changes and explaining what they mean as actual programs and eligibility rules become available.

Frequently Asked Questions

Does the new executive order eliminate PMI?

No. It calls for a future pilot program that could automatically remove PMI from some qualifying Fannie Mae and Freddie Mac loans. The program has not started.

Will mortgage rates go down now?

Not because of this order alone. It does not change mortgage rates for every buyer or homeowner.

Does the order eliminate title insurance?

No. It could allow an alternative to a lender’s title insurance policy on certain refinance transactions. It does not remove title concerns from every purchase or refinance.

Could this create more affordable homes in Ohio?

Possibly. The manufactured-housing portion could eventually make factory-built homes easier to produce and finance, but local zoning and permitting rules will still matter.

Should I delay buying a home?

The order alone is not a strong reason to delay. The programs still need to be developed, and eligibility is unknown. Buyers should make decisions based on their current budget, mortgage options, and local market.

Sources

This article provides general educational information and is not legal, mortgage, title, tax, or financial advice. Programs, qualifications, and loan terms can change.