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

[Anonymous]

Also grew up what you guys would call poor--secondhand clothes, old car and furniture but always food on the table. Got a house on C for D at very reduced price because city was after the owner's ass (it was rental property at the time and a fire and a murder had brought code inspectors down his neck). Have done a lot of work, including DIY and contractors, to get it up to par. My son bought his first house in 2021 and had 25% down payment put away.
I live in an old neighborhood which is a mix of owner-occupied, long time apt houses (including post WW2 conversions) and new apt buildings and condos. Some new homes are being built but not by developers. A decent number of older homes being restored from their rental days. I understand the concept of infill as preferable to sprawl (which I don't have to see much as I don't drive out to those areas) although it was said to see the block where my son was conceived in a tiny WW1 conversion apt house with several single family homes and one old apt building get absorbed into a claustrophobic neighborhood of brand new apt buildings.
But it's a mixed neighborhood. There are some old cheap WW2 conversion apt buildings, some single family homes rented out, some homes occupied by young families who have done improvements, some small scale condos built to maintain historical character (although the new apt bldgs aren't required to), some long time residents. And some gaps where houses have been condemned and torn down that aren't big enough for developers. If subsidies can maintain the diverse nature, I'm all for it.

Yes to down payment support. A lot of places offer that anyway to first time buyers in some new developments--that's how my nephew got his house. THere's a non-profit that is also subsidizing the difference between mortgage ceiling for median income or lower buyers since the median home price is beyond the means of median income buyers. They have equity in the property and if it is later sold the gains are split between the seller and the non-profit. Seems like a great idea to me.

My SIL and her husband could resent the people who got a 3.25% mortgage when they bought in the 80s starting at 19% while their parents' gorgeous home had to be sold when they couldn't physically maintain it (went to condo) in a depressed market. You can always find someone to be pissed off about if you want.

[Anonymous]

I have been fortunate enough to have plenty of money all my life, I fully support any proposal/policy that helps people get a foot on the homebuying ladder.

Keep in mind that a house is the main asset for 90% of people, it’s important that people are able to buy and not just enrich their landlords.

As for OP, tough luck. Suck it up!

[Anonymous]

Anonymous wrote:I have been fortunate enough to have plenty of money all my life, I fully support any proposal/policy that helps people get a foot on the homebuying ladder.

Keep in mind that a house is the main asset for 90% of people, it’s important that people are able to buy and not just enrich their landlords.

As for OP, tough luck. Suck it up!

How does this help anyone if the original price was $300,000….and now the new price will be $325,000?

[Anonymous]

Anonymous wrote:

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?

This is like saying it took me years to leave my abusive husband so I should Jan get to choose to leave hers after only a month.

You should be very proud of what you did but no one should have to struggle like you did and we have to course correct?

How can anyone take you seriously when you’re comparing free money with an abusive husband?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

This is like saying it took me years to leave my abusive husband so I should Jan get to choose to leave hers after only a month.

You should be very proud of what you did but no one should have to struggle like you did and we have to course correct?

How can anyone take you seriously when you’re comparing free money with an abusive husband?

It seems to be a trend where when you point out factual policy flaws the response is attempted emotional blackmail and calling you mean in some form. This is standard.

[Anonymous]

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.

+1

[Anonymous]

Sounds good, but it’ll just be added to the price.

[Anonymous]

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.

Cite any proof for this?

You can’t.


Stupid trumper.

Hey moron, maybe you missed the last 4 years with Biden - Harris inflation, all courtesy of the free cash handouts and money printing from the govt.

[Anonymous]

I am voting for Kamala, I was going to vote for Biden even if they had to weekend-at-Bernie him. I loathe Trump and think he is a stain on our country.

But this is not a good idea. All it does it drive up prices more.

[Anonymous]

And guess what?

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

[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.

PP from above. Probably not. Most of the increase will be in the first time buyer market. There probably will be a bit of bleed-over to others but not a ton.

It still isn’t a good idea.

[Anonymous]

This, and the impending broad based student loan cancellation—sorry, haters, it’s happening this time—will help lots of folks.

[Anonymous]

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.

Might as well just do tax cuts for everyone

[Anonymous]

And what most of these gullible Dems don’t realize: interest rates are the most important factor, by far v

You will be paying a ton more in lifetime interest on a 30 year mortgage with current interest rates (vs the rates during Trump era).

[Anonymous]

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.

Might as well just do tax cuts for everyone

Whoa, whoa, whoa, don't you know that free money for millionaires and billionaires is good, but tax cuts for the working and middle class "drives up prices."

We simply can't afford to help out the regular people. What are you, some kind of SOCIALIST?!

Now unlimited handouts for the rich, corporations, and the military industrial complex, that's just smart investment!!