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][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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[b]PMI exists for a reason. 
Maybe we should make it easier for owners to get rid of it once they gain equity, without refinancing, sure. [/b]But it serves a purpose. Buyers should be personally invested. Not invested with other people’s money.

I swear all of you must be 16 years old and have no memory of 2008-2009.

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[b]PMI automatically drops once you have accrued 22% equity.[/b]

But yes, this will cause another 2008 type mortgage crisis. And investors will make a killing again. When Harris begins taking serious interviews on her policies, it's going to be brutal for her.[/quote]

Is that new? Or maybe depends on the type of loan. We had to do a refi to eliminate PMI.

In the end, yes, the people benefitting most from this will be investors and asset owners. Meanwhile it will not help the little guy in the long run.[/quote]

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