Posted on 04/25/2023 6:24:57 AM PDT by devane617
Changes in the mortgage industry could spell bad news even if you have good credit.
Beginning May 1, some people with higher credit scores may actually end up paying a higher fee while those with lower scores will pay less.
"It's really a big change," explained mortgage loan officer and credit score expert Al Bingham. "It's going to hit the consumer hard when they go to apply for a mortgage."
The changes are part of the federal government's effort to provide equitable access to home ownership.
According to Bingham, it comes down to fees that lenders pay back to federal programs that back the mortgages. For some first-time homebuyers those fees are often rolled into a higher interest rate paid by the consumer.
Here is what it will mean for first-time homebuyers who fit certain income guidelines.
(Excerpt) Read more at cbsnews.com ...
“equitable”
“From those according to their abilities, to those according to their need.”
Or not. Let's punish those who have worked hard and followed the "rules."
I am sick and tired of being punished because I am a white Christian male who has given more than my "fair share" in fckn taxes.
FU JB!
FU DEMOCRATS!
FU RINOS!
Yet again we make suckers out of people who try to do the right thing.
sounds familiar...
Full blown, again the roaches ride on the backs of the meritous.
“Beginning May 1, some people with higher credit scores may actually end up paying a higher fee while those with lower scores will pay less.”
************
Can it be long before those who have declared bankruptcy pay even less than those with low credit scores?
This BUD LIGHT issue may be a chance to show what conservatives can do if they stick together. We can win this war by not buy or otherwise participating.
It’s just walking back the ‘no new taxes for those under $400k’.
Talk about lowering the standard of living for everyone. This is insane, just another attempt to keep black people voting D.
“Full blown, again the roaches ride on the backs of the meritous.”
************
The Takers are rewarded more than the Makers.
Equity is the opposite of equality.
Man, if you are a straight white male, that obeys the law, and pays your bills, you are screwed in the society.
Next up - those who dropped out of high school or were just passed to the next grades over and over again because the teachers were tired of dealing with them will be given scholarships to Harvard or will be given jobs as CEOs.
Reparations, y’all...
So far. Of course, that can change with a change of depends and a swipe of the pen.
If us conservatives are unable to prevent it, but able to keep the change limited to only FHA loans, then the folks with higher credit scores will get mortgages that aren't FHA backed (mine from the credit union isn't FHA) and only the low credit scorers will get FHA mortgages.
What they mean is no new INCOME taxes, but nothing about the various fees and charges they can levy.
From each according to his abilities ...
it’s already happening
Executive Orders are supposed to used to set rules applying to executive branch only, they were never supposed to be a substitute for federal legislation.
When will the GOP defend its Constitutional prerogatives?
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