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

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Idiotic.

Democrats never learn. Free money drives up prices.

If everyone is given free $25,000 you know what I'll logically do in return? Automatically raise the price of my house by $25,000.

+1. How did those COVID programs work out for everyone???? Ahh, yes - they kickstarted the highest inflation rates in decades.

Nope. That’s an uninformed and unsupported opinion. Covid inflation was not caused by too much spending. The global economy shut down because of Covid. Supply chains, labor markets, transportation, everything was turned off and had to be rebuilt with different suppliers, workers, etc. that is what caused global inflation, but inflation was lower in the US than everywhere else.

It has been caused by increasing the money supply. Money printing. High school kids learn about this in AP Econ.

[Anonymous]

You guys act like the $25k will be burned and disappear like an LGBT book in a Florida library. It will go straight into the local economy to the seller, realtor, and lender, where it will pay employees, buy products and services, etc. As happens with Medicaid, SNAP, and other benefits for services or goods, almost all the money spent on low and moderate income people finds the pockets of the Chamber of Commerce businesses and corporations who complain about government the most.

[Anonymous]

I don't care either way from a personal standpoint, but 25k is nothing considering the prices of homes these days, and not necessarily the best idea: if you use that to put very little down on a more expensive house, then you either will have a huge monthly payment you can't afford, or you live somewhere where ultra cheap housing exists, and that is almost nowhere USA other than rural areas, where there are few jobs.

[Anonymous]

Anonymous wrote:You guys act like the $25k will be burned and disappear like an LGBT book in a Florida library. It will go straight into the local economy to the seller, realtor, and lender, where it will pay employees, buy products and services, etc. As happens with Medicaid, SNAP, and other benefits for services or goods, almost all the money spent on low and moderate income people finds the pockets of the Chamber of Commerce businesses and corporations who complain about government the most.

Why only $25K? why not $100K? It will go into the economy too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Idiotic.

Democrats never learn. Free money drives up prices.

If everyone is given free $25,000 you know what I'll logically do in return? Automatically raise the price of my house by $25,000.

+1. How did those COVID programs work out for everyone???? Ahh, yes - they kickstarted the highest inflation rates in decades.

Nope. That’s an uninformed and unsupported opinion. Covid inflation was not caused by too much spending. The global economy shut down because of Covid. Supply chains, labor markets, transportation, everything was turned off and had to be rebuilt with different suppliers, workers, etc. that is what caused global inflation, but inflation was lower in the US than everywhere else.

It has been caused by increasing the money supply. Money printing. High school kids learn about this in AP Econ.

That’s fairy tale Econ. It’s not what happened during the Pandemic. The economy crashed. All of the efficiency of complex supply chains evaporated. Global shipping shut down. Workers retired and were furloughed and then had to be replaced with less efficient new hires. The U.S. had lower inflation than the rest of the world. Sorry, but it appears that basic facts are over your head.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You guys act like the $25k will be burned and disappear like an LGBT book in a Florida library. It will go straight into the local economy to the seller, realtor, and lender, where it will pay employees, buy products and services, etc. As happens with Medicaid, SNAP, and other benefits for services or goods, almost all the money spent on low and moderate income people finds the pockets of the Chamber of Commerce businesses and corporations who complain about government the most.

Why only $25K? why not $100K? It will go into the economy too.

Because $25k is sufficient for expanding the targeted moderate-income housing market.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Idiotic.

Democrats never learn. Free money drives up prices.

If everyone is given free $25,000 you know what I'll logically do in return? Automatically raise the price of my house by $25,000.

+1. How did those COVID programs work out for everyone???? Ahh, yes - they kickstarted the highest inflation rates in decades.

Nope. That’s an uninformed and unsupported opinion. Covid inflation was not caused by too much spending. The global economy shut down because of Covid. Supply chains, labor markets, transportation, everything was turned off and had to be rebuilt with different suppliers, workers, etc. that is what caused global inflation, but inflation was lower in the US than everywhere else.

It has been caused by increasing the money supply. Money printing. High school kids learn about this in AP Econ.

That’s fairy tale Econ. It’s not what happened during the Pandemic. The economy crashed. All of the efficiency of complex supply chains evaporated. Global shipping shut down. Workers retired and were furloughed and then had to be replaced with less efficient new hires. The U.S. had lower inflation than the rest of the world. Sorry, but it appears that basic facts are over your head.

AP Econ isn’t fairytales. The rest of the world didn’t increase the US dollar supply.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You guys act like the $25k will be burned and disappear like an LGBT book in a Florida library. It will go straight into the local economy to the seller, realtor, and lender, where it will pay employees, buy products and services, etc. As happens with Medicaid, SNAP, and other benefits for services or goods, almost all the money spent on low and moderate income people finds the pockets of the Chamber of Commerce businesses and corporations who complain about government the most.

Why only $25K? why not $100K? It will go into the economy too.

Because $25k is sufficient for expanding the targeted moderate-income housing market.

Sufficiency based on what?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You guys act like the $25k will be burned and disappear like an LGBT book in a Florida library. It will go straight into the local economy to the seller, realtor, and lender, where it will pay employees, buy products and services, etc. As happens with Medicaid, SNAP, and other benefits for services or goods, almost all the money spent on low and moderate income people finds the pockets of the Chamber of Commerce businesses and corporations who complain about government the most.

Why only $25K? why not $100K? It will go into the economy too.

Because $25k is sufficient for expanding the targeted moderate-income housing market.

$25K is a 10% down payment on a $250,000 house. And in most cases the buyers will have to pay private mortgage insurance, FHA insurance or the VA funding fee. They'll also have to pay their closing costs and pro rations for their lender.

So who is the target market for this scenario?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You guys act like the $25k will be burned and disappear like an LGBT book in a Florida library. It will go straight into the local economy to the seller, realtor, and lender, where it will pay employees, buy products and services, etc. As happens with Medicaid, SNAP, and other benefits for services or goods, almost all the money spent on low and moderate income people finds the pockets of the Chamber of Commerce businesses and corporations who complain about government the most.

Why only $25K? why not $100K? It will go into the economy too.

Because $25k is sufficient for expanding the targeted moderate-income housing market.

$25K is a 10% down payment on a $250,000 house. And in most cases the buyers will have to pay private mortgage insurance, FHA insurance or the VA funding fee. They'll also have to pay their closing costs and pro rations for their lender.

So who is the target market for this scenario?

No one who lives in or near a major city

[Anonymous]

Isn't the problem not the number of houses but that corporations like Zillow can buy up hundreds of houses and drive up costs?

[Anonymous]

It would be a much better policy to get rid of restrictive zoning, along with excessive Federal, State, and Local government regulations on housing. Once you clear out these burdensome regulations, it will spur more growth in the SFH, townhouse, condo, and apartment markets so that we can rapidly increase housing units to drive down overall housing prices. We could achieve 5% new housing units each year for 5 years straight to get a 25% growth over that time period.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You guys act like the $25k will be burned and disappear like an LGBT book in a Florida library. It will go straight into the local economy to the seller, realtor, and lender, where it will pay employees, buy products and services, etc. As happens with Medicaid, SNAP, and other benefits for services or goods, almost all the money spent on low and moderate income people finds the pockets of the Chamber of Commerce businesses and corporations who complain about government the most.

Why only $25K? why not $100K? It will go into the economy too.

what a dumb question!

[Anonymous]

Anonymous wrote:And guess what?

All house prices go up…not just entry level homes. And only first time buyers get the proposed $25,000 credit.

Hopefully these buyers stay more than five years and gain some equity before buying the next home. If they roll the equity into the new home, they won't need a handout. I didn't get grants, but I got a lower interest VHDA loan with 10% down and PMI. After six years I rolled the capital gains into a home that cost 2.5 times the first one and got a conventional loan with 20% down.

[Anonymous]

Anonymous wrote:I am going to guess house prices will mysteriously go up by $25,000 since there will be more competition. What's the plan to hold house prices constant?

They’ll just regulate the prices like they plan to do with groceries, lol