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new mortgage rules may 1st it will boil your blood

powerboatr

powerboatr

Professional
nypost.com

Exclusive | How the US is subsidizing high-risk homebuyers — at the cost of those with good credit

Experts say an “unprecedented” overhaul of mortgage fees would result in higher payments for most buyers.
nypost.com nypost.com
Talk about instant blood boil
so now people with GOOD and great credit get skewered to help pay for those persons with bad credit
OMG what is wrong with our country?
loan level price adjustments. if you have credit score above 680 to 7800 get a spike in costs and if you put money down 15% or more you get another fee
but if your credit is bad you get a discount rate on mortgage rates???????????
and people wonder why we the people are fed up with out of control government
 
powerboatr said:
nypost.com

Exclusive | How the US is subsidizing high-risk homebuyers — at the cost of those with good credit

Experts say an “unprecedented” overhaul of mortgage fees would result in higher payments for most buyers.
nypost.com nypost.com
Talk about instant blood boil
so now people with GOOD and great credit get skewered to help pay for those persons with bad credit
OMG what is wrong with our country?
loan level price adjustments. if you have credit score above 680 to 7800 get a spike in costs and if you put money down 15% or more you get another fee
but if your credit is bad you get a discount rate on mortgage rates???????????
and people wonder why we the people are fed up with out of control government
Click to expand...
I believe this only applies to FHA loans and not loans taken from a credit union or private banks. Still pretty bad though. Punish the responsible people reward the irresponsible ones.
 
mikep said:
I believe this only applies to FHA loans and not loans taken from a credit union or private banks. Still pretty bad though. Punish the responsible people reward the irresponsible ones.
Click to expand...
I may be wrong on that. Hmmmmm… when inread about this yesterday then article made it seem like it was just FHA loans.
 
I wonder what idiot approved this! Thankfully i will not be in the market for another house. I will be paying off mine in 9 months and nobody, i mean nobody helped me with my loan except the VA loan they approved. Pay for a loser to purchase a house--screw that!
 
nmedge said:
I wonder what idiot approved this! Thankfully i will not be in the market for another house. I will be paying off mine in 9 months and nobody, i mean nobody helped me with my loan except the VA loan they approved. Pay for a loser to purchase a house--screw that!
Click to expand...
We have about 3 years left then we are done. Next house won’t need a mortgage since we’ll downsize significantly.
 
mikep said:
I may be wrong on that. Hmmmmm… when inread about this yesterday then article made it seem like it was just FHA loans.
Click to expand...
its very confusing when you drill down, almost all loans are backed or run through fannie mae and it looked liked any lender using any federal dollars.. so it can be credit unions and banks
what is really bad , is you put down a large down payment, you get hit with another fee .

"
Fannie Mae and Freddie Mac will enact changes to fees known as loan-level price adjustments (LLPAs) on May 1 that will affect mortgages originating at private banks nationwide, from Wells Fargo to JPMorgan Chase, effectively tweaking interest rates paid by the vast majority of homebuyers.

The result, according to industry pros: pricier monthly mortgage payments for most homebuyers — an ugly surprise for those who worked for years to build their credit, only to face higher costs than they expected as part of a housing affordability push by the US Federal Housing Finance Agency."

VA loans will also get hit, as VA only gauratees loans to a small margin. and has to follow federal guidelines

its a shiiit show
 
powerboatr said:
its very confusing when you drill down, almost all loans are backed or run through fannie mae and it looked liked any lender using any federal dollars.. so it can be credit unions and banks
what is really bad , is you put down a large down payment, you get hit with another fee .

"
Fannie Mae and Freddie Mac will enact changes to fees known as loan-level price adjustments (LLPAs) on May 1 that will affect mortgages originating at private banks nationwide, from Wells Fargo to JPMorgan Chase, effectively tweaking interest rates paid by the vast majority of homebuyers.

The result, according to industry pros: pricier monthly mortgage payments for most homebuyers — an ugly surprise for those who worked for years to build their credit, only to face higher costs than they expected as part of a housing affordability push by the US Federal Housing Finance Agency."

VA loans will also get hit, as VA only gauratees loans to a small margin. and has to follow federal guidelines

its a shiiit show
Click to expand...
Socialism on steroids! Coming up next: each new subdivision will have to include multiple family housing.
 
Recusant said:
Socialism on steroids! Coming up next: each new subdivision will have to include multiple family housing.
Click to expand...
Already happening here.
A new subdivision is starting with total rentals, the developers are calling it rental homes not apartments.
The developers said they will background checks to keep the problems out even though in this state you cannot discriminate, because of money or criminal background.
Welcome to the new section eight.
 
Wirenut said:
Already happening here.
A new subdivision is starting with total rentals, the developers are calling it rental homes not apartments.
The developers said they will background checks to keep the problems out even though in this state you cannot discriminate, because of money or criminal background.
Welcome to the new section eight.
Click to expand...
I'm afraid at some point in the future the gov't will force old folks like me to give up our single family homes for a FEMA trailer park somewhere in a less desireable area to live. But before I type another word I need to adjust my aluminum foil hat.
 
Recusant said:
Socialism on steroids! Coming up next: each new subdivision will have to include multiple family housing.
Click to expand...
This already happens in Massachusetts. I worked on a project some years back that had really high end condos that had some selling for over $1,000,000 with the caveat being 10% of the project had to include low income apartments.

This is standard practice if you try and build a multi unit development in Massachusetts.
 
Not to stir the pot, but there was an article just below the one we are talking about in regard to taxing high credit scores. That mentioned another possibility in the works by our friends(?) in Washington. Another new tax that would raise your taxes as the price of your house increased. As we all know. Home prices have increased quite a bit and continue to raise. What better way to make extra money than to raise your taxes as your home price increases. So, you're sitting in a home that's paid for. The state increases your taxes as the home value goes up. Then the federal government throws in an additional tax at the end of the year on the same increase. Don't give me that "Thats not legal stuff" We all know they will do what they want
 
Do away with property and federal income tax and go with a flat tax on goods/services.
15% with 8% going to State and 7% to feds.
This will get “everyone” paying taxes. Whether your here in the USA illegally or a born citizen, taxes will be paid by all.
 
Hi,

If I'm not mistaken, our Constitution does not guarantee "happiness". It guarantees us the freedom and rights to "pursue happiness". It's up to the citizens to make it happen for themselves. When the government tries to accomplish this, it reeks of communism.


Thank you for your indulgence,

BassCliff
 
Hi,

KillerFord1977 said:
Do away with property and federal income tax and go with a flat tax on goods/services.
15% with 8% going to State and 7% to feds.
This will get “everyone” paying taxes. Whether your here in the USA illegally or a born citizen, taxes will be paid by all.
Click to expand...

I think a flat tax is good. I kind of like the idea of a "consumption" tax rather than a "production" tax. It's a sales tax. Those who can afford to spend/buy the most will pay the most. Those who actually make things will not be penalized for being successful. Others who like to save some money won't be penalized either.


Thank you for your indulgence,

BassCliff
 
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