Anonymous wrote:If it wasn’t for the abortion position, as a Democrat, this makes me want to vote for a Republican. They actually understand capitalism. The democrats seem to want to do anything to punish other or bring people down to a certain level. It’s fked up.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In theory, this is to help poor people.

In practice, quite different.

As a very young teacher, I began working with an extremely low salary.
I had a roommate--a friend from college--we made the same amount of money.

I had car payments. She did not. She had an old car that her parents had given her. They also gave her a trip to Europe for college graduation.

Four years later:

I had paid off my car and continued to put the allotment in savings.
I had a Master's Degree by going to school at night and in the summer--much of which was paid for by the school system.
The Master's Degree came with a salary increase.

Roommate:
Bought new car, so had car payments,
Constantly in debt and writing bad checks.
She did not have a Master's Degree--though she had the same opporutunity.to have the school system contribute to a Master's Degree--which would have increased her salary.

Why did she write bad checks?
When we ate out together, she always chose whatever she wanted. She never considered the cost.
I always looked at the prices first. "Read the menu from right to left."

She spent money on frivolous things--very expensive non-prescription sunglasses, for example. If she liked a pair of sandals, she bought thee pair in different colors. Even though she couldn't pay her bills, she would write a check for what she wanted.
Her credit rating would be poor because she did not pay her bills.

Do you really think a person with a poor credit rating is a good risk for a mortgage? That you should be rewarded for poor choices?

I understand trying to help people who are struggling. But, the credit rating reflects more than income. It is an indicator of risk.

Best post in this thread.

Nope. Tired old cliche. “Poor people didn’t work as hard” is true in some cases but not universally.

The people who benefit the most are middle class people who are financially undisciplined. Poor people don't really buy homes.

This. You still need enough income to qualify for the loan and a down payment. This benefits people with good salaries who missed payment or carry huge balances

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In theory, this is to help poor people.

In practice, quite different.

As a very young teacher, I began working with an extremely low salary.
I had a roommate--a friend from college--we made the same amount of money.

I had car payments. She did not. She had an old car that her parents had given her. They also gave her a trip to Europe for college graduation.

Four years later:

I had paid off my car and continued to put the allotment in savings.
I had a Master's Degree by going to school at night and in the summer--much of which was paid for by the school system.
The Master's Degree came with a salary increase.

Roommate:
Bought new car, so had car payments,
Constantly in debt and writing bad checks.
She did not have a Master's Degree--though she had the same opporutunity.to have the school system contribute to a Master's Degree--which would have increased her salary.

Why did she write bad checks?
When we ate out together, she always chose whatever she wanted. She never considered the cost.
I always looked at the prices first. "Read the menu from right to left."

She spent money on frivolous things--very expensive non-prescription sunglasses, for example. If she liked a pair of sandals, she bought thee pair in different colors. Even though she couldn't pay her bills, she would write a check for what she wanted.
Her credit rating would be poor because she did not pay her bills.

Do you really think a person with a poor credit rating is a good risk for a mortgage? That you should be rewarded for poor choices?

I understand trying to help people who are struggling. But, the credit rating reflects more than income. It is an indicator of risk.

Best post in this thread.

Nope. Tired old cliche. “Poor people didn’t work as hard” is true in some cases but not universally.

The people who benefit the most are middle class people who are financially undisciplined. Poor people don't really buy homes.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In theory, this is to help poor people.

In practice, quite different.

As a very young teacher, I began working with an extremely low salary.
I had a roommate--a friend from college--we made the same amount of money.

I had car payments. She did not. She had an old car that her parents had given her. They also gave her a trip to Europe for college graduation.

Four years later:

I had paid off my car and continued to put the allotment in savings.
I had a Master's Degree by going to school at night and in the summer--much of which was paid for by the school system.
The Master's Degree came with a salary increase.

Roommate:
Bought new car, so had car payments,
Constantly in debt and writing bad checks.
She did not have a Master's Degree--though she had the same opporutunity.to have the school system contribute to a Master's Degree--which would have increased her salary.

Why did she write bad checks?
When we ate out together, she always chose whatever she wanted. She never considered the cost.
I always looked at the prices first. "Read the menu from right to left."

She spent money on frivolous things--very expensive non-prescription sunglasses, for example. If she liked a pair of sandals, she bought thee pair in different colors. Even though she couldn't pay her bills, she would write a check for what she wanted.
Her credit rating would be poor because she did not pay her bills.

Do you really think a person with a poor credit rating is a good risk for a mortgage? That you should be rewarded for poor choices?

I understand trying to help people who are struggling. But, the credit rating reflects more than income. It is an indicator of risk.

Best post in this thread.

Nope. Tired old cliche. “Poor people didn’t work as hard” is true in some cases but not universally.

jsteele wrote:

Anonymous wrote:I have been searching for more information on this plan. What I did find is that this is for people who purchase or refinance after May 1.
Regardless of whether those with a high credit score and 15% or 20% down payment have an advantage already, they are still getting punished for having good credit and saving for a down payment.

They are not getting punished. Buyers with high credit scores and large down payments have an advantage now. They will continue to have an advantage after May 1. The advantage is not as big, but it is still significant.

Anonymous wrote:If it wasn’t for the abortion position, as a Democrat, this makes me want to vote for a Republican. They actually understand capitalism. The democrats seem to want to do anything to punish other or bring people down to a certain level. It’s fked up.

Anonymous wrote:

Anonymous wrote:In theory, this is to help poor people.

In practice, quite different.

As a very young teacher, I began working with an extremely low salary.
I had a roommate--a friend from college--we made the same amount of money.

I had car payments. She did not. She had an old car that her parents had given her. They also gave her a trip to Europe for college graduation.

Four years later:

I had paid off my car and continued to put the allotment in savings.
I had a Master's Degree by going to school at night and in the summer--much of which was paid for by the school system.
The Master's Degree came with a salary increase.

Roommate:
Bought new car, so had car payments,
Constantly in debt and writing bad checks.
She did not have a Master's Degree--though she had the same opporutunity.to have the school system contribute to a Master's Degree--which would have increased her salary.

Why did she write bad checks?
When we ate out together, she always chose whatever she wanted. She never considered the cost.
I always looked at the prices first. "Read the menu from right to left."

She spent money on frivolous things--very expensive non-prescription sunglasses, for example. If she liked a pair of sandals, she bought thee pair in different colors. Even though she couldn't pay her bills, she would write a check for what she wanted.
Her credit rating would be poor because she did not pay her bills.

Do you really think a person with a poor credit rating is a good risk for a mortgage? That you should be rewarded for poor choices?

I understand trying to help people who are struggling. But, the credit rating reflects more than income. It is an indicator of risk.

Best post in this thread.

Anonymous wrote:

jsteele wrote:

Anonymous wrote:I have been searching for more information on this plan. What I did find is that this is for people who purchase or refinance after May 1.
Regardless of whether those with a high credit score and 15% or 20% down payment have an advantage already, they are still getting punished for having good credit and saving for a down payment.

They are not getting punished. Buyers with high credit scores and large down payments have an advantage now. They will continue to have an advantage after May 1. The advantage is not as big, but it is still significant

The advantage is not as big, because part of that advantage goes to the one that did not work for it. No matter how you spin it, it stinks for those that do the right thing.

If you have $1,000 in the bank, and I have $100, you have a $900 advantage. Let’s take $100 from you and give it to me, you still have an $800 advantage, so it’s fine right?

Anonymous wrote:In theory, this is to help poor people.

In practice, quite different.

As a very young teacher, I began working with an extremely low salary.
I had a roommate--a friend from college--we made the same amount of money.

I had car payments. She did not. She had an old car that her parents had given her. They also gave her a trip to Europe for college graduation.

Four years later:

I had paid off my car and continued to put the allotment in savings.
I had a Master's Degree by going to school at night and in the summer--much of which was paid for by the school system.
The Master's Degree came with a salary increase.

Roommate:
Bought new car, so had car payments,
Constantly in debt and writing bad checks.
She did not have a Master's Degree--though she had the same opporutunity.to have the school system contribute to a Master's Degree--which would have increased her salary.

Why did she write bad checks?
When we ate out together, she always chose whatever she wanted. She never considered the cost.
I always looked at the prices first. "Read the menu from right to left."

She spent money on frivolous things--very expensive non-prescription sunglasses, for example. If she liked a pair of sandals, she bought thee pair in different colors. Even though she couldn't pay her bills, she would write a check for what she wanted.
Her credit rating would be poor because she did not pay her bills.

Do you really think a person with a poor credit rating is a good risk for a mortgage? That you should be rewarded for poor choices?

I understand trying to help people who are struggling. But, the credit rating reflects more than income. It is an indicator of risk.