/biz/ - Business & Finance

[Anonymous No.54658067]

>Homebuyers with credit scores of 680 or higher will pay ~$40 per month more on a home loan of $400,000.

>Buyers with down payments of 15% to 20% will get socked with the largest fees.

>Buyers with riskier credit ratings and lower down payments will get lower rates and fees.

[Anonymous No.54658085]

Did the janny delete the old one?

[Anonymous No.54658101]

>>54658067
kek @ amerimutts. you are financing the collapse of your economic system

[Anonymous No.54658105]

>>54658067
how hard is it to post a source you fucking chode

[Anonymous No.54658109]

>>54658085
Nvm
>>54657457

[Anonymous No.54658132]

>>54658067
>It's just $40 bro

[Anonymous No.54658150]

>>54658067
The era of pretending that a 30 year mortgage payment is just a better form of rent is over. People are going to have to treat it like the massive amount of debt that it is, and pay it off fast

[Anonymous No.54658185]

>>54658101
all according to keikaku

[Anonymous No.54658203]

>Organic posting.

[Anonymous No.54658220]

Enough

[Anonymous No.54658239]

>>54658067
...
That's one way to lose the next election

[Anonymous No.54658242]

>>54658203
somebody wants us to think the housing market is gonna crash

[Anonymous No.54658263]

>>54658067
nice source faggot

[Anonymous No.54658293]

>low IQ people keep winning financially
>people with social skills and no speech impediments always secure places of high power that gives them wealth for existing

Whats the point of this world if you are not chad or brainlet?

[Anonymous No.54658312]

>>54658067
This is only for PMI fees for FHA borrowers. If you have 15-20% downpayment and are going FHA instead of conventional you deserve the higher fees.

[Anonymous No.54658324]

>>54658312
Also if you have 15% down you're only gonna be paying PMI for a few months anyways, ideally, or really should just save a few months more to hit the magic 20%.

[Anonymous No.54658329]

>HOOMERS vooted for brandon for FREE student loans
>now they get fucked
Lol

[Anonymous No.54658344]

>>54658324
>Also if you have 15% down you're only gonna be paying PMI for a few months anyways, ideally
Argh fuck me I'm retarded, FHA has PMI forever. So yeah, if you have 15-20% down and are going FHA, you're a fucking retard anyways. Either save until you get 20% and go FHA without PMI, or unfuck your credit and get a conventional so the PMI drops off after 20% equity.

[Anonymous No.54658366]

>>54658242
>The jews want us selling after a 5x housing bullrun

Wait, I thought they want us buying the top?

[Anonymous No.54658380]

>>54658312
>"The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country."
>Private banks

https://m.washingtontimes.com/news/2023/apr/18/joe-biden-hike-payments-good-credit-homebuyers-sub/

[Anonymous No.54658408]

>>54658239
>he thinks they give 1 single solitary fuck about votes
What I would give to return to this delusion, life was simpler back when I didn't know the country was dead

[Anonymous No.54658471]

>>54658132
This image just ruined my day.

[Anonymous No.54658539]

>>54658380
They said this is specifically for FHA loans, so yes, this will be happening with loans originating at private banks across the country, but only for people getting FHA loans, which already have different and higher fees than other loan types:
https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/22/fact-sheet-biden-harris-administration-announces-action-to-save-homebuyers-and-homeowners-800-per-year/
Current homeowners will be unaffected.
Future homebuyers getting VA or Conventional loans will be unaffected.
This is a huge nothingburger by an outrage rag.

[Anonymous No.54658694]

>>54658539
For non-Americans reading this, FHA loans are the only loans that people with shit credit get. So contrary to what people reading the original article were thinking, people with good credit and good finances aren't being punished. The only people that could potentially be punished are the people with high down payments and shit credit. This is signaling to them that they should use their down payment to fix their credit, rather than buy a house - otherwise it socks them with a higher fee, since they obviously don't care about losing tons of money to pointless fees and interest payments anyways.
I really don't understand what the fucking point of this is in the first place, it's just shuffling fees around among the shit credit population.

[Anonymous No.54658717]

You WILL subsidize the nigger

[Anonymous No.54659116]

>>54658539
Fair enough then... Sucks for people who need PMI though.

[Anonymous No.54659189]

>>54659116
FHA is for people with bad credit, so the PMI is pretty necessary to avoid another string of shitty loans given out to people that can't afford them, and people with high liquidity for the 15-20% down payment, but that also have shit credit, is a pretty small group. It sucks, but those people are in shitty financial situations anyways and really shouldn't be incentivized to buy something as expensive as a house. Which again, makes me wonder what the point of this nonsense is in the first place, other than to pretend they're doing something, while not really doing much of anything.
The biggest reason lower-class people can't buy houses is because there IS no more lower-class housing available. Build more fucking trailer parks or something, not this stupid shit.

[Anonymous No.54659279]

>>54659189
>FHA is for people with bad credit
my credit was 820 when i bought my house
my credit is now 840
i used an fha loan because i was fresh out of college and a signed a long term contract consulting position with a company in my area and knew i could (and still can) find a job essentially at any moment

i used an FHA because i only had 3% of the down payment of the house i wanted
i bought in dec 2019
quite based but your entire post is wrong and stupid
fha is almost explicitly for people without the capital for 15-20% down

[Anonymous No.54659299]

Also, it's so fucking bizarre that a $400k home now seems reasonable. Just seems like yesterday that was considered a affluent house, now that's entry level.

[Anonymous No.54659316]

>>54659299
you live in a shithole liberal city. Prices are normal here

[Anonymous No.54659360]

>>54659279
>i used an FHA because i only had 3% of the down payment of the house i wanted
That's conventional. FHA is 3.5% down.
>fha is almost explicitly for people without the capital for 15-20% down
Nope, not even close. Conventional covers that, conventional just has different credit score and DTI requirements.
>my credit was 820 when i bought my house
Your credit was 820 right out of college? Why are you lying?

[Anonymous No.54659546]

>>54659360
>That's conventional. FHA is 3.5% down.
sorry don't remember the specifics
there's so many other fees that go into buying a home that push it technically past 3-3.5%
i used an FHA
>Why are you lying?
because taking out student loans, making payments on them, and using a credit card and building credit since i was 18 builds up a credit score
getting up into the 800s is pretty easy when your landlord allows credit card payments without credit card fees
id let my card fill up with 2 months rent, make the minimum payments, then pay it off in full. therefore id be utilizing my credit and making sure i was a good goy

[Anonymous No.54659750]

>>54659546
>i used an FHA
Why did you use an FHA if you had good credit? You're stuck with the PMI until you refinance, and you had way more fees than you would have had with a conventional

[Anonymous No.54659968]

>>54659750
>You're stuck with the PMI until you refinance
because you have to pay pmi regardless unless you have a loan less than 20%
i pay 25% more on my mortgage payments which ultimately nullify rates
spoonfeed me on what im doing wrong

i did not refinance when money and pay got better and i think i should've. my house is ~2x my buy in price
>bought for 250
>house now 480 regarding zillow but houses in my neighborhood with similar layouts and upgrades are selling for 500 or more
>mortgage payment is 1650
>i pay 2k/mo to chew out the princip
am i retarted?

[Anonymous No.54660004]

>>54659968
>are selling for 500 or more
5 houses or so this year in the development of 300 houses have done this this year, schools have been revamped and i live in a growing area thats grounded in reality not just memes

[Anonymous No.54660030]

>>54658293
to suffer
are you new to life or what

[Anonymous No.54660044]

>>54658408
dumb doomer

[Anonymous No.54660071]

>>54658539
>Future homebuyers getting VA or Conventional loans will be unaffected.

Wrong you dumb bastard.
These are LLPAs imposed by Fannie Mae and Freddie Mac, who guaranty most mortgages in the US where the buyer has less than 20% equity. This is collected via Mortgage Insurance which the borrower pays regardless of whether the loan is VA or Conventional.