President Trump signed an executive order Thursday aimed at bringing down housing costs for American taxpayers who are looking to buy single-family homes.

The executive order directs Federal Housing Finance Agency Director Bill Pulte to create a pilot program that would cancel a borrower's mortgage insurance premium proactively once they satisfied their equity requirements based on the current market value.

The order also establishes the Task Force on Manufactured Housing Innovation, which is expected to come up with ways to increase the quality and lower the cost of building a home by facilitating the use of modern manufacturing methods. 

It additionally directs Agriculture Secretary Brooke Rollins and Veterans Affairs Secretary Doug Collins to lower interest rates on single-family home loans issued by their respective departments.