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Replies: 26
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Athletic Dir [876]
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Clear up the Biden Mortgage credit deal…
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May 2, 2023, 10:22 AM
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It only applies to people who use an FHA loan.
If you go the private conventional mortgage loan route then you’re still rewarded for having good credit and placing a nice down payment.
I have omitted my personal feelings about it from this post so please refrain from assuming how I feel about anything mentioned here. Im just clarifying the issue for people.
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Legend [16058]
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CU Medallion [64590]
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Clearly some people didn't learn anything...
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May 2, 2023, 10:36 AM
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from the mortgage crisis that stemmed from an expansion of mortgage credit including to borrowers who previously would have had difficulty getting mortgages. Enabling people who have a history of being financially irresponsible is not the answer.
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Athletic Dir [876]
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Re: One problem...You are wrong....
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May 2, 2023, 11:17 AM
[ in reply to One problem...You are wrong.... ] |
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GoClemsonTigs. You may have rushed to post that article. Did you read it? It literally supports my statement that the Biden mortgage proposition only applies to FHA loans… ie Freddie and Fannie Mac. It does not extend to conventional loans. It would behoove you to do more research before incorrectly refuting statements that have validity. There is irony in how you shared an article that proved my statement correct while you proposed that I was incorrect.
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All-In [26511]
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did you read it ??
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May 2, 2023, 11:25 AM
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"Fanny and Freddy, which roughly guarantee half of the country's mortgages, do not directly issue mortgages to borrowers, but instead buy mortgages from lenders and repackage them for investors"
50% of all mortgages will be affected.
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Athletic Dir [876]
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Re: did you read it ??
May 2, 2023, 11:45 AM
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Of course. I already knew that. Which is my entire point. If you go the private conventional mortgage route, you will be rewarded for having a high credit score and a sizable down payment. What is causing the misunderstanding of that concept? I’m genuinely curious as everything points to my original statement as true. Which is irrefutably is true.
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All-In [26511]
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When Freddy / Fanny "acquire" the loan, they will tack on
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May 2, 2023, 12:07 PM
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"adjustment" via some sort of fee. People with good credit will see their monthly payment go up, due to said fee.
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110%er [5512]
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Re: When Freddy / Fanny "acquire" the loan, they will tack on
May 2, 2023, 12:36 PM
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Only for new mortgages. It does not affect existing mortgages.
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CU Guru [1025]
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Wow, only 50%
May 2, 2023, 12:28 PM
[ in reply to Re: did you read it ?? ] |
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So nothing wrong here at all. Great policy. 2008 all over again.
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CU Guru [1358]
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Athletic Dir [876]
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Re: One problem...You are wrong....
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May 2, 2023, 12:01 PM
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Freddie and Fannie are not on point for the credit and fee for FHA mortgages. Let’s stay on point. Conventional private mortgage loans will not punish people with good credit and nice down payments. Ah, FHA loans are affected. Not private mortgage loans. C’mon guys. Research!
https://www.foxbusiness.com/real-estate/real-estate-expert-shreds-biden-rule-punishing-homebuyers-good-credit-madness.amp![]() Madison Ventures+ managing director Mitch Roschelle unpacks the economic impact of a Biden administration plan to subsidize mortgage rates through good-credit buyers.
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Legend [16058]
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Sorry BadKitty but you are wrong...
May 2, 2023, 12:37 PM
[ in reply to Re: One problem...You are wrong.... ] |
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Freddie and Fannie Mac service 60% of ALL loans in America. Not just FHA. I think I would know since I'm going through the loan process as we speak.
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Legend [16058]
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Athletic Dir [876]
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Re: It would behoove you to stop making yourself look stupid***
May 2, 2023, 1:00 PM
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I’m sorry you’re unable to comprehend basic reading my friend. God bless you.
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Legend [18262]
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Re: One problem...You are wrong....
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May 2, 2023, 11:21 AM
[ in reply to One problem...You are wrong.... ] |
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Hey guys don’t argue about the best president in United States history
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Athletic Dir [876]
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Re: One problem...You are wrong....
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May 2, 2023, 11:21 AM
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Ahahahaha
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All-In [38106]
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110%er [7992]
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Re: Clear up the Biden Mortgage credit deal…
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May 2, 2023, 10:37 AM
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Does not matter if it applies to all loans or only FHA loans. Our gov should never reward folks with bad credit scores or punish folks with a good credit score.
Its clear this is nothing more than scheme to buy votes from people who will gladly accept someone else's money.
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Legend [16058]
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BadKitty is talking about another Biden action that...
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May 2, 2023, 10:40 AM
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Lowered the MPI 30 basis points (From .85% to .55%) on FHA Loans. That started earlier this year and is a completely different matter.
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Legend [16058]
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All-In [46565]
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Re: Clear up the Biden Mortgage credit deal…
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May 2, 2023, 11:21 AM
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Did Biden come up with this plan off the note card? Maybe Harris came up with it?
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110%er [5512]
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It's the opposite...
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May 2, 2023, 12:34 PM
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...according to this article.
It states that "the changes affect those with conventional loans, which are largely geared toward borrowers with solid credit histories. The fee schedule doesn’t affect borrowers taking loans backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA) or the U.S. Department of Agriculture (USDA)."
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Legend [16058]
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BadKitty should probably be BadAtReadingComprehensionKitty***
May 2, 2023, 12:40 PM
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Legend [16058]
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Or...BadLoanKnowledgeKitty***
May 2, 2023, 12:49 PM
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Athletic Dir [876]
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Re: Or...BadLoanKnowledgeKitty***
May 2, 2023, 1:04 PM
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You really have no idea how incompetent you’re making yourself look.
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Athletic Dir [876]
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Re: It's the opposite...
May 2, 2023, 1:01 PM
[ in reply to It's the opposite... ] |
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What article? The one I shared from Fox Business specifically states FHA loans. You seemed to have pulled yours from which source?
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110%er [5512]
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Replies: 26
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