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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=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.[/quote]

This! I can’t believe that more people don’t immediately see this. If people can’t afford to buy a house, it’s literally cruel to get them to buy a house. They’ll just end up in deep financial trouble - unable to make payments or pay taxes or necessary maintenance.
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You guys are being ridiculous. They still have to have the income and credit to qualify for the mortgage. That doesn’t change. The only difference is that a qualified first time buyer could get $25k for the down payment instead of being short of a 20% payment and borrowing another $25k plus having to pay for private mortgage insurance because the down payment is less than 20%.

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Didn’t Biden/Democrats already try to do something sketchy with credit ratings so that people with high scores need to pay some of the costs for those with low credit scores?[/quote]

WASHINGTON -- If you're looking to buy a home, new federal rules may impact how much you pay for a mortgage.

Beginning May 1, upfront fees for loans backed by Fannie Mae and Freddie Mac will be adjusted because of changes in the Loan Level Price Adjustments (LLPAs). Those fees are based on things including the borrower's credit score, size of the down payment, type of home and more. In some cases, people with better credit scores may pay more in fees, while those with lower credit scores will pay less.
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The rule changes are part of the Federal Housing Finance Agency's (FHFA) efforts to provide "equitable and sustainable access to homeownership" and to strengthen capital at Freddie Mac and Fannie Mae.

"The [Biden] administration's stated purpose behind making these changes is to help make it easier for borrowers who have historically been disadvantaged and have had a hard time accessing credit," Realtor.com chief economist Danielle Hale told ABC News.

https://abc7ny.com/high-credit-scores-will-mean-higher-mortage-rates-executive-order-homebuyers-with-good-to-pay-mortgage/13198638/[/quote]

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