$25K in down-payment support for 1st-time homebuyers

[Anonymous]

Anonymous wrote:

Anonymous wrote:How baout before clamoring one way or the other about this, someone actually explain WHY we need this when there are tons and tons of other down payment assistance programs from HUD assitance to the states having programs to localities as well as private grant-making groups.

Explain why this isn't just another redundant program that will require establishing another layer of bureaucracy.

Do the local programs offer this amount, in every state?

You have to research it.

But doesn't it make more sense to do a % amount rather than a flat amount?

https://themortgagereports.com/33553/complete-guide-to-down-payment-assistance-in-the-usa

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This will just lead to homes costing $25k more. People can’t be this stupid, right?

- lifelong Dem who will never vote for Trump

+100

This is basic logic. I think people truly do not comprehend this very basic point.

It isn’t that simple. $25k down payment assistance for a subset of moderate income homebuyers who would still have to qualify for a mortgage would not add $25k to the cost of homes. It would have less effect on housing prices than a Fed cut in interest rates would.

Have you been vocally opposed to the existing programs?

https://themortgagereports.com/33553/complete-guide-to-down-payment-assistance-in-the-usa

[Anonymous]

When is Harris going to explain how this will be paid for?

[Anonymous]

Lest we forget, it was this very type of thing . . .inducing lower income people to buy houses they could not afford, that landed us in quite a mess in 2008.

The sort of manipulation of the market is and has been a bipartisan vote purchasing tool since the early 1970s. It has rarely had a lasting positive effect.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This will just lead to homes costing $25k more. People can’t be this stupid, right?

- lifelong Dem who will never vote for Trump

+100

This is basic logic. I think people truly do not comprehend this very basic point.

It isn’t that simple. $25k down payment assistance for a subset of moderate income homebuyers who would still have to qualify for a mortgage would not add $25k to the cost of homes. It would have less effect on housing prices than a Fed cut in interest rates would.

You’re right…it would focus the pricing effect specifically on the most affordable entry level homes. Good job guys.

[Anonymous]

Anonymous wrote:When is Harris going to explain how this will be paid for?

She won't explain. Not unless the media presses her on it. And, even then, we will get some word salad about "return on investment" or "tax the rich" or some crap like that.
Her economic plan would cost nearly $2 TRILLION. She will not explain where she plans to get the money. Because she knows it won't be possible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There are two types of people in this world, people who go through struggles and relish in seeing others struggle, and people who go through struggles and work towards making sure nobody else has to go through what they did.

The former are awful, bitter people, the kind of people who perpetuate cycles of abuse. The latter are the kind, decent people who make this world a better place.

I guess we know which kind you are.

What a load of drivel. A candidate promising freebies to potential voters at the expense of hardworking taxpayers does not make the latter "awful, bitter people."

All of this “hardworking taxpayers” BS about everything you don’t like. A large percentage of people in this country pay almost nothing in taxes and the rest pay for all kinds of things that they don’t notice or don’t know anything about. Either way, these policies will not change your day to day life significantly, so just get over it.

[Anonymous]

Anonymous wrote:As a single mother, had to work for 8 years to save $28,000 towards the down payment on my first home. Once I got it (150 years old farmhouse with 1100sq ft space), I had to gut it ALL with my own hands, learning how to do framing, drywall, electrical, plumbing, pouring concrete subfloors, as I could not afford any contractors. Everything was properly inspected and approved by my local town and electrical inspectors.

After I paid my own down payment, NOW I HAVE TO CONTINUE WORKING LIKE A DOG TO FINANCE WITH MY FEDERAL INCOME TAXES $25,000 DOWNPAYMENT FOR OTHERS? Why? What do I owe all those people?

I stayed home and took care of my children but I understand that affordable daycare is a necessity not a luxury. I also understand that just because I didn't get maternity benefits but I also understand that women need decent PAID maternity leave. Stop gripping because this will be benefit your children.

[Anonymous]

Anonymous wrote:

Anonymous wrote:When is Harris going to explain how this will be paid for?

She won't explain. Not unless the media presses her on it. And, even then, we will get some word salad about "return on investment" or "tax the rich" or some crap like that.
Her economic plan would cost nearly $2 TRILLION. She will not explain where she plans to get the money. Because she knows it won't be possible.

Let Trump's corporate tax cuts go down the tubes. That covers much of it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This just another dumb Harris idea. She apparently learned from Biden to just simply buy votes with Government handouts.

It will never pass.

This. It’s sickening how all their ideas come down to thinly-veiled bribes to whichever voters they’re trying to court. And I’m a Democrat.

+1
Free phones, free college education, now free down payments. What’s next, I wonder.

I 100% guarantee that within months of this free money being handed out, if it does happen, there will be complaints that it isn't sufficient. "I need a house in a GOOD school district for my kids" "I need a house with enough bedrooms for all my kids" "I need a house that's brand-new because I work 3 jobs and don't have time to make repairs." And the party of Joy will cry out at the cruelty of ONLY giving out $25k and can't we do better?

Uh, I realize you meant that as some kind of mean spirited sarcasm, but here’s the thing - you’re so hateful you don’t even realize those are all valid points and should all be addressed.

$25k isn’t enough. Mostly because greedy people (like you) will just raise your home prices $25k. So really it should be $100k, not $25k


As for school districts, yes - we SHOULD be helping single moms live in better school districts because better education means kids escape multigenerational poverty.

New homes? Absolutely. What single mother has enough time or knowledge to deal with a fixer upper home in whatever little off time she has from her multiple jobs.

A house with multiple bedrooms? Uh, yes. Do you really expect brothers and sisters to stay in the same bedroom past 10-12 years old? Why would think it’s ok to subject a young girl to that? Sicko.


So yes, we CAN do better than $25k. That’s basically nothing.

DP. Are you stupid? Sellers won’t ACTUALLY have to raise their price by 25k because the offers will already be coming in padded with that 25k. But the home price will go up by 25k regardless.

In the DMV that won’t matter much. But in places like Detroit, it would. 100k house becomes 125k house and so on and so forth. How is that helping affordability overall? The next group of buyers is going to need 30k. Are we just going to keep throwing money at it forever?

It is literally just like higher ed. The more money thrown at it, the more expensive and unaffordable it becomes, so then you throw more money at it. An endless cycle.

As things get more expensive, what does this actually do for affordability in the long run? Or for SUPPLY?

None of these problems will be solved unless supply is addressed. And that is difficult to address at a federal level.

As much as I hate Trump, Harris’s economic policies are absolute trash and going to do nothing but lead to more inflation and less affordability because it moves the goalposts further and further out.

Our 2 choices are very grim. But now I’m sort of hoping Trump gets elected and just doesn’t accomplish much. Because honestly sometimes the best thing for government to do is just to do nothing.

Your premise is ridiculous. That’s not how economics works. There are dozens of programs that give assistance to individuals, businesses, farmers, banks, local governments, etc. There is not one program in which a subsidy of $N results in a price increase of $N. Any price increase would be minimal. The purpose is to incentivize building more modestly priced homes. This not a zero-sum game where the existing housing stock is all there is.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This will just lead to homes costing $25k more. People can’t be this stupid, right?

- lifelong Dem who will never vote for Trump

+100

This is basic logic. I think people truly do not comprehend this very basic point.

It isn’t that simple. $25k down payment assistance for a subset of moderate income homebuyers who would still have to qualify for a mortgage would not add $25k to the cost of homes. It would have less effect on housing prices than a Fed cut in interest rates would.

You’re right…it would focus the pricing effect specifically on the most affordable entry level homes. Good job guys.

It would incentive the construction of more entry level homes, which is the only way to fix the housing crunch. The traditional way to do this has been to give financing and tax subsidies to developers and investors to build affordable housing, because that’s the only way to get a housing assistance bill through the Senate. That has been a terrible and wasteful way to do it.

It would be much much better to give a subsidy to moderate income buyers and then make the builders and investors build to their housing demand to get their hands on the money.

[Anonymous]

Anonymous wrote:

The mortgage tax deduction is "free money" too. I assume you want to get rid of that?

We should, yes. It, too, is a giveaway to the real estate industry, with no real policy justification. Also, we can't afford it.

DP. But then the OP would whine about how she saved up to buy a house, and now she can no longer afford it because the free money incentive is gone.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When is Harris going to explain how this will be paid for?

She won't explain. Not unless the media presses her on it. And, even then, we will get some word salad about "return on investment" or "tax the rich" or some crap like that.
Her economic plan would cost nearly $2 TRILLION. She will not explain where she plans to get the money. Because she knows it won't be possible.

Let Trump's corporate tax cuts go down the tubes. That covers much of it.

Given the terrible national debt we are leaving to our children and generations beyond them, your proposal seems doubtful. Are we going to borrow more trillions to provide this $25K to future first time homebuyers? If so, sounds like a bad deal for them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This will just lead to homes costing $25k more. People can’t be this stupid, right?

- lifelong Dem who will never vote for Trump

+100

This is basic logic. I think people truly do not comprehend this very basic point.

It isn’t that simple. $25k down payment assistance for a subset of moderate income homebuyers who would still have to qualify for a mortgage would not add $25k to the cost of homes. It would have less effect on housing prices than a Fed cut in interest rates would.

You’re right…it would focus the pricing effect specifically on the most affordable entry level homes. Good job guys.

It would incentive the construction of more entry level homes, which is the only way to fix the housing crunch. The traditional way to do this has been to give financing and tax subsidies to developers and investors to build affordable housing, because that’s the only way to get a housing assistance bill through the Senate. That has been a terrible and wasteful way to do it.

It would be much much better to give a subsidy to moderate income buyers and then make the builders and investors build to their housing demand to get their hands on the money.

The culture isn’t supportive of starter homes anymore which is a shame. Younger people wanting homes want what mom and dad have now not what their parents had when they were younger.

[Anonymous]

Anonymous wrote:Just listed my condo for $800,000.

Updated today to $825,000.

See how that works?

Aren't you just such a special mule's derriere!