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re: Biden Admin Orders Low Interest Rate Mortgages For Low Credit Borrowers Starting Today
Posted on 5/1/23 at 8:10 am to OGM
Posted on 5/1/23 at 8:10 am to OGM
Yea, unfortunate timing for you.
Rising rates will continue. Mortgage insurance is rocketing through the roof. Inventory is limited. New construction is lacking. Inflation is still a factor. Rents are at an all time high and aren’t coming down; average rent in metro Atlanta is $2K a month.
I would buy now, primarily because rents are ballooning and interest rates are rising. Otherwise you have to wait who knows how long, could be years. But I’m hesitant to advise because I don’t know your personal situation or where you are.
Rising rates will continue. Mortgage insurance is rocketing through the roof. Inventory is limited. New construction is lacking. Inflation is still a factor. Rents are at an all time high and aren’t coming down; average rent in metro Atlanta is $2K a month.
I would buy now, primarily because rents are ballooning and interest rates are rising. Otherwise you have to wait who knows how long, could be years. But I’m hesitant to advise because I don’t know your personal situation or where you are.
1
Posted on 5/1/23 at 8:21 am to LuckyTiger
quote:
Biden Admin Orders Low Interest Rate Mortgages For Low Credit Borrowers Starting Today
Emperor Biden decreed this law? I like the old days better, when we had a congress to pass laws.
Posted on 5/1/23 at 8:24 am to LuckyTiger
Rates are dropping, MI was lowered by almost .5 from FHA
How does lower cost equal lower rates?
No one with a low Fico goes Conv anyways
How does lower cost equal lower rates?
No one with a low Fico goes Conv anyways
Posted on 5/1/23 at 8:25 am to LuckyTiger
quote:
historically been disadvantaged and have had a hard time accessing credit
This is the easiest it's ever been to get credit. I get shite in the mail daily and you can get a loan over the internet quite easily as well. They don't look at skin color when applying. This quote is straight bullshite and an excuse for a demographic that "historically" fricks up their credit.
Posted on 5/1/23 at 8:28 am to LuckyTiger
quote:Sounds like socialism to me
Sounds like a new and good idea. It’s worth a try.
quote:
Posted on 5/1/23 at 8:46 am to LuckyTiger
Dave Ramsay talked about this. 
The difference between the two interest rates is 0.125-0.25%.
Dave paraphrasing DC: "'But we helped all the poor people and beat up the rich people'.... translation... DC has done absolutely nothing... again."
LINK
The difference between the two interest rates is 0.125-0.25%.
Dave paraphrasing DC: "'But we helped all the poor people and beat up the rich people'.... translation... DC has done absolutely nothing... again."
LINK
Posted on 5/1/23 at 8:53 am to LuckyTiger
I don't see how this is legal. I guess when you control Fannie Mae, I guess the executive branch can do whatever they want. Very similar to the debacle that started in late 90's and early 2000s leading to 2008.
Car repos are at a record, banks are teetering much in part to the actions of the Fed and Govt, and lets add additional stress to the mortgage and banking industry. Excellent plan to crash things.
Car repos are at a record, banks are teetering much in part to the actions of the Fed and Govt, and lets add additional stress to the mortgage and banking industry. Excellent plan to crash things.
Posted on 5/1/23 at 8:55 am to LuckyTiger
This is a win-win for progressives...if the plan works (which it won't), they can say "...told you so". If it doesn't, they will collapse the housing market (again) and have another crisis to manage, thereby attaining even more power.
These people are evil.
These people are evil.
Posted on 5/1/23 at 8:56 am to LuckyTiger
So basically they are redoing the whole thing that created the fall of 2008. Wonder what dumbass republican will take the fall this time. Bush was bit in the arse by what Clinton and Barney Frank did, all out the name of "fairness" instead of financial solvency and economics 101.
Posted on 5/1/23 at 8:59 am to LuckyTiger
There’s a reason their credit scores are bad.
Posted on 5/1/23 at 8:59 am to LuckyTiger
quote:
Biden Admin Orders Low Interest Rate Mortgages For Low Credit Borrowers Starting Today
Posted on 5/1/23 at 9:01 am to LuckyTiger
Surely this will be challenged in court, because it is definitely unconstitutional. There are liberty and property interests at stake here, being infringed upon by the government.
Worst administration in our history. It's a controlled demolition of the US.
Worst administration in our history. It's a controlled demolition of the US.
Posted on 5/1/23 at 9:01 am to LuckyTiger
Roll up with a 450 credit score and no money down on a $400,000 house
Merica !!!!
Merica !!!!
Posted on 5/1/23 at 9:11 am to Tomatocantender
quote:
This administration is brilliant at promoting failing upwards.
It's not just this administration. ANY other Democrat administration would be doing the same thing. A core tenant leftist/progressive is that ever negative aspect of their lives is someone else's fault and, thus, someone else's responsibility to make it better.
It's not a fundamental issue just with this particular administration. It's a fundamental problem with the party/ideology as a whole. That's why focusing all blame on Binden is dumb. He is literally just a doddering old man who has no decision making authority whatsoever. Hell, even the Biden of 1985 would think the current state of leftism/progressives is beyond ridiculous.
Posted on 5/1/23 at 9:14 am to Landmass
quote:
Giving loans to people with terrible credit is exactly how the 2008 crash happened.
When have Leftists ever learned, though?
"From each according to..."
By now we should all "know the thing" finally - like pulling teeth.
For all those who didn't, couldn't, wouldn't accept the level of marxist influence in the nation, some even calling references to it "conspiracy theory paranoia."
But get used to it. The Left really believes it has the numbers now to be blatant and in the nation's face with it - challenging one and all "to do something about it."
They've been working patiently and diligently assembling this "new proletariat" they can now exploit to their own ends.
They are on the cusp of ensuring their version of "democracy."
Thanks to a pilfered election, America is now on one more smug, marxian-tinged robbin' hood, experiment in futility.
Posted on 5/1/23 at 9:16 am to LuckyTiger
Middle class isn’t so middle class anymore
Posted on 5/1/23 at 9:20 am to LuckyTiger
Raising kids here. We still teaching them to work hard for things in life? Work hard for others to have things? Mine are Caucasian if that helps with your answers. Maybe Janet Yellen or Susan Rice could write a helpful book for me.
Posted on 5/1/23 at 10:14 am to LuckyTiger
People always say history repeats itself. I just didn’t believe it would take such a short time.
Posted on 5/1/23 at 10:17 am to LuckyTiger
How about some incentive for first time home buyers with good credit that are just joining the workforce and becoming the tax base? Help them with the high interest rates that are making it hard to purchase a home.
Oh wait, that helps the middle class too much.
Oh wait, that helps the middle class too much.
Posted on 5/1/23 at 10:24 am to coolpapaboze
quote:
How the frick is this legal?
Doubt there is any type of statutory authority. Someone is going to challenge it and it likely will get shitcanned.
Looks like a de facto tax to me and executive branch doesn't have that authority to unilaterally impose.
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