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 ...
Not only have they destroyed savings with inflation, but now they’re trying to destroy good creditors.
They’re rewarding bad behavior and hoping the bad behavers will be on their side when it all goes to sh*t. News flash: they won’t and they almost all live in the cities where the people making these decisions reside.
“This BUD LIGHT issue may be a chance to show what conservatives can do if they stick together.”
**************
Conservatives tend to be individualists, not collectivists, so they don’t band together and demand things like the libs do. Just saying.
Has anyone published actual dollar figures? Is this on the interest rate? The PMI? Some other fee? I’ve heard it might be PMI and if you have 20% down this change won’t affect you at all, but that was speculation.
I have a high credit score.
I have no mortgage.
My home is paid off.
So there...... FUJB....................
From each according to his/her/its abilities, to each according to his/her/its needs.
Net worth tax for you.
They are eliminating the MCAT for Med School admissions.
So your doctor can be an idiot.
Remember, WE are the (neo) Marxists now.
Interest rate. The article gives an example ($500,000 home)… credit score 660 = interest rate 6.25% and credit score 740 = interest rate 6.50%
I feel badly for my son and DIL who are wanting to buy a house - he spent the last 10 years getting his credit rating up and was so excited that it is excellent now
“Conservatives tend to be individualists, not collectivists, so they don’t band together and demand things like the libs do. Just saying.”
Our current situation is approaching a type of cold war and may be met with pushback from non-collectivist conservatives. They’ve tried everything else and failed.
It applies to Fannie Mae and Freddie Mac loans mostly and not just FHA
Speaking of individualism, not long ago I considered myself a libertarian. It’s a useless philosophy for what we’re up against unfortunately.
The next four years of Biden will be a nightmare of epic proportions. Nothing will remain.
This is going to be a big hit to the housing industry. Even with a perfect credit score, it is not easy making the monthly mortgage payment and now people with lower credit scores will be defaulting on their payments and houses will return to the lender. This will end up being a huge blunder.
We have a perfect credit score because we do not buy frivolously, and bills come first.
I live in a van down by the river.........................
I disagree.
I see two purposes here:
1) Pay off the race-baiting financially irresponsible negroes.
2) Create another mortgage crisis as an excuse for a government takeover of the banking system.
Many people don’t realize that this practice has been used for years by many companies, Cars are just one of them.
I worked for a place that built outdoor screened porches onto homes.
After awhile I noticed that certain people would get much lower rates to finance than others. It was noticeable.
I hadn’t been there very long so I asked another lady why and she old me to never mention it again.
That is sad, but your son and DIL will be able to afford the house and its upkeep, and likely hold it long enough to make some money on it. Best of luck to them.
ALL of Congress long ago gave up its Constitutional prerogatives. They discovered they can get re-elected more easily if they just blame the bureaucracy for the troubles being dealt with by their constituents.
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