Hardpan Curmudgeon SASS #8967 Posted April 24, 2023 Share Posted April 24, 2023 Glad I ain't in the market for a new home! 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. Link to comment Share on other sites More sharing options...
Marshal Dan Troop 70448 Posted April 24, 2023 Share Posted April 24, 2023 We work and save for our family, but when did it become an obligation to support others? Link to comment Share on other sites More sharing options...
Pat Riot Posted April 24, 2023 Share Posted April 24, 2023 @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. Link to comment Share on other sites More sharing options...
Rye Miles #13621 Posted April 24, 2023 Share Posted April 24, 2023 This administration is screwing up everything !! This makes no sense whatsoever! Link to comment Share on other sites More sharing options...
Hardpan Curmudgeon SASS #8967 Posted April 24, 2023 Author Share Posted April 24, 2023 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) Link to comment Share on other sites More sharing options...
Badlands Bob #61228 Posted April 24, 2023 Share Posted April 24, 2023 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. Link to comment Share on other sites More sharing options...
Pat Riot Posted April 24, 2023 Share Posted April 24, 2023 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. Link to comment Share on other sites More sharing options...
Dantankerous Posted April 24, 2023 Share Posted April 24, 2023 1 hour ago, Rye Miles #13621 said: This administration is screwing up everything !! This makes no sense whatsoever! 81 million "people" support this. Link to comment Share on other sites More sharing options...
Duffield, SASS #23454 Posted April 24, 2023 Share Posted April 24, 2023 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! Link to comment Share on other sites More sharing options...
Buckshot Bob Posted April 24, 2023 Share Posted April 24, 2023 32 minutes ago, Dantankerous said: 81 million "people" support this. Votes Link to comment Share on other sites More sharing options...
Dantankerous Posted April 24, 2023 Share Posted April 24, 2023 29 minutes ago, Buckshot Bob said: Votes Oh, I know. Votes do not equate to people anymore. Link to comment Share on other sites More sharing options...
Badlands Bob #61228 Posted April 24, 2023 Share Posted April 24, 2023 The masses didn't learn economics in school. They've just been educated on 9% inflation. Now they get to learn about mortgage rates. Let them learn it the hard way. Link to comment Share on other sites More sharing options...
Cypress Sun Posted April 24, 2023 Share Posted April 24, 2023 Never mind. I'd get banned for life.... Link to comment Share on other sites More sharing options...
Eyesa Horg Posted April 24, 2023 Share Posted April 24, 2023 Gonna keep my 2.8% . Link to comment Share on other sites More sharing options...
Buckshot Bob Posted April 24, 2023 Share Posted April 24, 2023 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 Link to comment Share on other sites More sharing options...
Dirty Dan Dawkins Posted April 24, 2023 Share Posted April 24, 2023 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 Link to comment Share on other sites More sharing options...
Dirty Dan Dawkins Posted April 24, 2023 Share Posted April 24, 2023 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. Link to comment Share on other sites More sharing options...
Buckshot Bob Posted April 24, 2023 Share Posted April 24, 2023 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 Link to comment Share on other sites More sharing options...
Cold Lake Kid, SASS # 51474 Posted April 24, 2023 Share Posted April 24, 2023 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? Link to comment Share on other sites More sharing options...
sassnetguy50 Posted April 24, 2023 Share Posted April 24, 2023 Sounds like a good way to start another 2008 housing market except the program won't be that effective. Link to comment Share on other sites More sharing options...
Big Sage, SASS #49891 Life Posted April 24, 2023 Share Posted April 24, 2023 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. Link to comment Share on other sites More sharing options...
Eyesa Horg Posted April 24, 2023 Share Posted April 24, 2023 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. Link to comment Share on other sites More sharing options...
Hardpan Curmudgeon SASS #8967 Posted April 24, 2023 Author Share Posted April 24, 2023 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...? Link to comment Share on other sites More sharing options...
Eyesa Horg Posted April 24, 2023 Share Posted April 24, 2023 Their control Link to comment Share on other sites More sharing options...
The Shoer 27979 Posted April 24, 2023 Share Posted April 24, 2023 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...? Tell him to just keep saving his money, things will change in a couple years Link to comment Share on other sites More sharing options...
Hardpan Curmudgeon SASS #8967 Posted April 24, 2023 Author Share Posted April 24, 2023 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.... Link to comment Share on other sites More sharing options...
sassnetguy50 Posted April 24, 2023 Share Posted April 24, 2023 https://capitalmarkets.fanniemae.com/mortgage-backed-securities/fannie-mae-announces-new-loan-level-price-adjustment-framework Link to comment Share on other sites More sharing options...
Dusty Devil Dale Posted April 25, 2023 Share Posted April 25, 2023 19 hours ago, Hardpan Curmudgeon SASS #8967 said: Glad I ain't in the market for a new home! 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. 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! Link to comment Share on other sites More sharing options...
Sedalia Dave Posted April 25, 2023 Share Posted April 25, 2023 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. Link to comment Share on other sites More sharing options...
Dusty Devil Dale Posted April 25, 2023 Share Posted April 25, 2023 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? Link to comment Share on other sites More sharing options...
Badlands Bob #61228 Posted April 25, 2023 Share Posted April 25, 2023 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. Link to comment Share on other sites More sharing options...
Pat Riot Posted April 25, 2023 Share Posted April 25, 2023 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/ Link to comment Share on other sites More sharing options...
Dantankerous Posted April 25, 2023 Share Posted April 25, 2023 Building Back Better, y'all! Link to comment Share on other sites More sharing options...
Buckshot Bob Posted April 25, 2023 Share Posted April 25, 2023 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...? 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 Link to comment Share on other sites More sharing options...
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