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Glad I ain't in the market for a new home!


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Glad I ain't in the market for a new home!  :huh:

 

My son is; he's worked long and hard to develop a good credit score, and scrimped and saved with the intent of making a 20% down payment on a home.  And now this:  (and the kid is PI$$ED!)

 

[Expletive Deleted] Raises Costs for Homebuyers With Good Credit to Help Risky Borrowers

 

Details are still hazy (murky might be a better descriptive), but the gist of the new rule is that if you have a credit score of 680 or higher and/or make a down payment of 15% - 20% you will be assessed an additional 1%; if you have a lower credit score and a down payment of less than 5%, you'll receive a 1.75% reduction.

 

Good grief.   :wacko:   

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@Hardpan Curmudgeon SASS #8967is that a California law?


My wife and I have put our house hunting on hold due to interest rates. 6.88% is the rate today with APR 1% higher. 
Screen grab from Rocket Mortgage:

Today's Purchase Rates

30 Year Fixed*

$50,000$200,000$500,000

6.99% Rate / 7.334% APR

 

Pricing is currently not available for the selected value.

 

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This administration is screwing up everything !! This makes no sense whatsoever!:angry:

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37 minutes ago, Pat Riot, SASS #13748 said:

 

@Hardpan Curmudgeon SASS #8967is that a California law?

 

 

 Nope.  This is the brainchild of Mr Biden and his minions.  Undoubtely graduates of the Marx Brothers* School of Economics and Ice Cream Socialists.  <_<

 

*(brother Karl)

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All of those millions of people who are sitting on a 2.5% mortgage are not going to give that up and buy a bigger house at 7%+.  This will stagnate the cheaper housing market.  Due to the cost of labor and materials, builders are not building cheap houses.  Well, the cheap houses they are building are not cheap.  Biden is trying to help the "down trodden and less fortunate" buy houses but there will be a lot fewer lower cost houses on the market due to his policies.  

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1 hour ago, Hardpan Curmudgeon SASS #8967 said:

 

 Nope.  This is the brainchild of Mr Biden and his minions.  Undoubtely graduates of the Marx Brothers* School of Economics and Ice Cream Socialists.  <_<

 

*(brother Karl)

Thanks, Hardpan. It’s a damn shame your son has to put up with this. 
 

 

 

 

 

 

 

 

Just more proof of the Communistic thinking of the left. I have very good credit, but when I buy it will be a VA loan. Not a fu…freakin’ scam by the banks and their puppets in Washington. 
 

 

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1 hour ago, Rye Miles #13621 said:

This administration is screwing up everything !! This makes no sense whatsoever!:angry:

81 million "people" support this.  :angry:

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Your son buys the house with zero down.

He does not get hit with the extra tax.

Three months into the loan he makes a 20% additional principle payment.

Problem solved.

Let's Go Brandon!

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29 minutes ago, Buckshot Bob said:

Votes 

Oh, I know. Votes do not equate to people anymore.

 

:angry:

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16 minutes ago, Eyesa Horg said:

Gonna keep my 2.8% :).

Same here, 4 more years and it’s all mine, except for the property taxes. So I guess it really never is ours. Can’t see paying it off early, plus money is worth less every day, if you’re trying to find a bright spot, might as well pay it off with those future dollars that will be worth less 

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Debt free 3 years now. 
15 years before I can draw from that Social Security scam at 63.

Been amassing as much savings and retirement as possible to hopefully minimize the impacts of any other mischief they concoct between now and then

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6 minutes ago, Buckshot Bob said:

plus money is worth less every day, if you’re trying to find a bright spot, might as well pay it off with those future dollars that will be worth less 

This is partly by design of uncontrollable money printing- debt the government creates today is worth less in future devalued dollars so past debt seems inconsequential and the pain of past inflation long forgotten- bond will cost less at the time they are paid off if US dollars are worth less at a later date. Plus they leave out rising healthcare cost when they calculate  inflation, I was recently told by my financial advisor so that makes everything seem even more rosy. I’ll find a source

 

The Federal Reserve exercises currency manipulation at the behest of political forces.


This new Biden mortgage rule is ignorance and stupidity, like the mortgage rules created under the Clinton regime in the 90’s.

 

 

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5 minutes ago, Dirty Dan Dawkins said:

This is exactly the intent- debt the government creates to day is worth less in the future- plus they leave out rising healthcare cost when they calculate  inflation, I was recently told by my financial advisor. I’ll find a source

The government employs people with our tax dollars that do nothing all day except come up with new and innovative ways to steal more of our money. Unfortunately it’s a fixed game 

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Is your administration taking lessons from our Canadian (mis)Government leader, who is taking lessons from PRC, who our Prime Minister is on record saying how much he admires their basic dictatorship?

 

 

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4 hours ago, Duffield, SASS #23454 said:

Your son buys the house with zero down.

He does not get hit with the extra tax.

Three months into the loan he makes a 20% additional principle payment.

Problem solved.

Let's Go Brandon!

The problem with this is he doesn't get the lower monthly payment like he would if he had put the $$$ down to start with.

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13 minutes ago, Big Sage, SASS #49891 Life said:

The problem with this is he doesn't get the lower monthly payment like he would if he had put the $$$ down to start with.

But if he's able to refi later at a lower rate, he'll be further ahead.

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Refinancing itself usually ain't cheap, and it's likely to be a LONG time before rates decline enough to offset those costs.

 

A wistful thought ~ just wotinell does "progressive" mean?  What do those clowns think they want us to "progress" to...?  :mellow:

 

 

 

 

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44 minutes ago, Hardpan Curmudgeon SASS #8967 said:

Refinancing itself usually ain't cheap, and it's likely to be a LONG time before rates decline enough to offset those costs.

 

A wistful thought ~ just wotinell does "progressive" mean?  What do those clowns think they want us to "progress" to...?  :mellow:

 

 

 

 

Tell him to just keep saving his money, things will change in a couple years

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I'm wonderin' if Biden's Federal Housing Finance Agency (FHFA) might've hired on as an advisor a certain recently furloughed Bud Light advertising exec.... :rolleyes:  

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19 hours ago, Hardpan Curmudgeon SASS #8967 said:

Glad I ain't in the market for a new home!  :huh:

 

My son is; he's worked long and hard to develop a good credit score, and scrimped and saved with the intent of making a 20% down payment on a home.  And now this:  (and the kid is PI$$ED!)

 

[Expletive Deleted] Raises Costs for Homebuyers With Good Credit to Help Risky Borrowers

 

Details are still hazy (murky might be a better descriptive), but the gist of the new rule is that if you have a credit score of 680 or higher and/or make a down payment of 15% - 20% you will be assessed an additional 1%; if you have a lower credit score and a down payment of less than 5%, you'll receive a 1.75% reduction.

 

Good grief.   :wacko:   

In the past, a "good citizen" was a person who worked hard to earn and save money to pay his/her bills.  

Now the opposite is rewarded by the new American Communists.

 

The solution here is to default in paying off bank notes to lower your score, and stop buying homes until the banks and housing industry both bleed out all over the Administration.  

 

Note that this was an Administrative rule-making action by an agency -- a Regulation.  It was not legislation by Congress.

 

Taxation without representation is ------------ well, you know!

 

You just can't make this stuff up!

 

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Easy to get around. Just buy a home via a conventional loan and not ones backed by the FHA. ( Fanny Mae / Freddie Mac / VA)

 

While FJB's edict applies to FHA insured loans, it doesn't apply to conventional loans. 

 

The people it really screws are Veterans who use VA Loans to help them buy their first house. 

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What's worrisome is figuring what these morons will come up with next to equalize wealth and penalize productivity.   Will people above a prescribed income level have to pay an extra tax on whatever they buy?  Will conservatives get taxed extra?  Are sensibility limits now gone?

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4 hours ago, Dusty Devil Dale said:

What's worrisome is figuring what these morons will come up with next to equalize wealth and penalize productivity.   Will people above a prescribed income level have to pay an extra tax on whatever they buy?  Will conservatives get taxed extra?  Are sensibility limits now gone?

Being recently retired and creeping into the senior citizen class, I am amazed at all the tax traps the Federal government has set for senior citizens.  Taxing Social Security at 85%, Medicare premium tax hikes for certain income levels based on 2 years back, Widows tax trap, Required Minimum distributions from your IRA.   I told the wife that one of us is going to have to go blind or adopt some children.  We need the tax break.

 

At least I can get Federal campground sites at 1/2 price.

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Not only are you hosed on writing off home loan interest over $10K now you have the banks with FJB’s permission screwing the hard working doing the right thing American to help pay for others. 
 

I just found this little spin online - no mention of screwing people, of course. 

https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/22/fact-sheet-biden-harris-administration-announces-action-to-save-homebuyers-and-homeowners-800-per-year/

 

 

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Building Back Better, y'all!

 

:angry:

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20 hours ago, Hardpan Curmudgeon SASS #8967 said:

Refinancing itself usually ain't cheap, and it's likely to be a LONG time before rates decline enough to offset those costs.

 

A wistful thought ~ just wotinell does "progressive" mean?  What do those clowns think they want us to "progress" to...?  :mellow:

 

 

 

 

If he’s renting, that’s also going to rise. If you’re settled on where you’re going to live I still think you’re better off buying. I always had a hard time with all your money being gone when you write the rent check. The problem is accepting how much less house you can afford with the higher interest rates 

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