Posted on 02/22/2023 10:27:01 AM PST by millenial4freedom
The White House on Wednesday will unveil a plan to reduce mortgage insurance fees charged to first-time home buyers, helping an estimated 850,000 borrowers save about $800 a year on the cost of a typical loan, it said in a statement. Vice President Kamala Harris will announce the plan to lower fees on Federal Housing Administration (FHA) loans at an event in the Washington suburb of Bowie, Maryland. The FHA charges the fees to insure lenders against riskier loans often taken out by lower-income home-buyers. U.S. home sales dropped to their lowest level in more than 12 years in January as inflation-driven interest rake hikes push mortgage rates higher, often making property unaffordable for first-time buyers.
(Excerpt) Read more at aol.com ...
STOP GIVING AWAY MY TAXES!
Costs are hundreds of thousands out of whack, and they’ll “save” you 8 hunnert.
This is what COMMUNISTS do; they DESTROY SH!T then OFFER THE FIX WITH STRINGS ATTACHED.
These are the fees being lowered. Basically the banks will have to pay less of an insurance premium to the FHA but still have the FHA back the loan when the buyer can't make payments because doing so is racist or whatever. And as the economy keeps crashing and loans default, the government will be left holding the tab with little money brought in (the insurance fees) to pay for it.
$800? Cool! That’s appropriately 7 1/2 dozen eggs, yes?
U.S. home sales dropped to their lowest level in more than 12 years in January...
This will fail, as all other government programs, and the left will demand a strengthening of the failed program, which will also fail, leading the politicians to demand a strengthening .....
Repeat until doomsday.
Because it always has worked out so well when the gummint helps people buy houses who can’t afford them.
Big deal. $800 is a pittance when compared to all the costs associated with home ownership (rising property taxes, utility costs, home insurance, maintenance and repairs, etc.).
Its only a $66/mo savings which will be quickly eaten up by inflationary pressures.
Just figure the interest....
I recently sold a house for a relative. The realtor treated the one offer backed with an FHA mortgage with the same disgust as a dead mouse left by a cat. Fortunately it was the lowest offer, but even if it was best she recommended against it unless it was the only offer.
There it is. Resident Huggies smiles and then shakes hands with the air.
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