$25,000... That might be enough for a down payment on a mobile home, but when the average house price in the US is over $413,000, it won’t be much help
3% down on 413 is only 12.390 and I must sadly assume this offer would come with fed (taxpayer) assurances of wholeness to the lenders to avoid PMI requirements. Perhaps they could be interest-only loans too, with little to no documentation required for approval and closing. We seem to have learned nothing from history except that we have learned nothing from history. More free sh*t for the ever-growing army of free sh*t voters for Biden and now Harris. This will not end well.
Tiny home for each American. A mobile homelike domicile without wheels. IOW a tent.
“$25,000... That might be enough for a down payment on a mobile home, but when the average house price in the US is over $413,000, it won’t be much help”
You’re right, but this is the same type of action the liberals took in the late 1990’s when they forced the loaning institutions to float loans to people who were not qualified. And when the default hit, it was massive. Factors include tax policy, lax lending standards, and failure of regulators to intervene. So when Freddie and Fannie failed , houses defaulted and were being taken back in droves. Several new programs were designed to ensure survival of affordable units and the viability of subsidized housing programs. And that is what is being done with this proposal to put people into houses they can’t afford. They just never learn.
wy69
Oh, if it goes through they’ll raise the amount. Gubmint never cuts these kind of programs.
The price of my first house was $25,250. in 1966.
I PAID FOR IT.
NOT THE GOVERNMENT GIVING ME $$$$$$$$$$$$$$$$$$$.
ReFIED it 23 years later & bought 2nd home-—a foreclosure for $105,000.
Sold first house in 1995.
Sold 2nd house in 2004.
Paid CASH for this property in 2005.
SINGLE-—Always paid More in income taxes.
Was self-employed from 1980 FWD-—HAVE PAID BOTH HALVES OF FICA/MEDICARE TO USA GOVERNMENT.
Harris needs to be strung up for this attack on AMERICAN CITIZENS
We just retired to a 2b2b mobile home in FL on a half acre.
Cash price of $75K. Our property tax is $400yr. Insurance is a bitch at $2Kyr.
Other than that, we’re loving life :)
I can see these places jumping in price if the idiotic plan of Harris goes through