Things you cant understand

[WFM]

Sometimes you hear or see something that you just can't understand.
As of May 1st the new federal law for getting a mortgage if you have a good credit score your interest rate will be higher. If you put down a sizeable down payment your interest rate will be higher also.
If you have a poor credit score and shouldn't be buying a house anyway then your interest rate with no or little down payment will be low.
So everyone is even in life I guess. I forget history and what type of government this is called.

 

[jimh406]

Considering some of the other actions, it makes sense. The goal is to destroy all norms, right?

 

[motionclone]

Sometimes you hear or see something that you just can't understand.
As of May 1st the new federal law for getting a mortgage if you have a good credit score your interest rate will be higher. If you put down a sizeable down payment your interest rate will be higher also.
If you have a poor credit score and shouldn't be buying a house anyway then your interest rate with no or little down payment will be low.
So everyone is even in life I guess. I forget history and what type of government this is called.

Just chill out and have a few Bud Lights.

 

[NCL4701]

Appreciate the info. Glad I don’t need a mortgage. If I ever need one again, I now know to prepare by maxing out my credit cards and intentionally skipping some payments to scuttle my credit score so I can qualify for a decent mortgage rate. Just have to know the rules so you can play the game.

 

[mcfarmall]

Elections have consequences

 

[GreensvilleJay]

Didn't you guys go through that before with Fanny Mac or May or someone like that ??
Only mortgage I had was 11.5% back in '85, paid it off 2yr 4 months later even though 'everyone' said I should invest in mutual funds, I liked the idea of PAYING OFF the mortgage ASAP.

Maybe the new idea is to never,EVER pay it off...let the great,great ,great grankids do that ??

 

[Hammarhead]

Elections have consequences

Unfortunately since the last one they have all been bad

 

[NCL4701]

While we’re on credit and politics, it would be really sweet if I could pay my quarterly estimated taxes and annual taxes with a credit card. Got to pay them regardless and the massive windfall of credit card points would be nice to have.

 

[Biker1mike]

Looks like this might be just the HFA loans. With decent credit and a good down payment there is no need to use them. A good bank can get the same or lower rates.
FHA has always been for the folks that could not meet the higher standards that banks wanted.
The only plus to the FHA system was they did help with VA loans .
Sounds like a great way to repeat the 2008 housing crash.

 

[Lil Foot]

Not any more crazy than San Francisco's reparations package, being actively considered right now.
For each person of color:
5 million dollar one time payment
Total forgiveness of all debt
Guaranteed income of $97,000 per year for 250 years
House for $1.

 

[Flintknapper]

Not any more crazy than San Francisco's reparations package, being actively considered right now.
For each person of color:
5 million dollar one time payment
Total forgiveness of all debt
Guaranteed income of $97,000 per year for 250 years
House for $1.

Yep to residents of a State that was never a slave State, paid to people who were never slaves, paid by (taxpayers) that were never slave owners. Only in Kali.

 

[sheepfarmer]

Anyone with time on their hands to fact check any of the above examples?

 

[The Evil Twin]

Appreciate the info. Glad I don’t need a mortgage. If I ever need one again, I now know to prepare by maxing out my credit cards and intentionally skipping some payments to scuttle my credit score so I can qualify for a decent mortgage rate. Just have to know the rules so you can play the game.

It's never about what the rules say you can't do. It's what the rules don't say you can do!

 

[bcp]

SF reparation article:

San Francisco board open to reparations with $5M payouts

The draft reparations plan, released in December, is unmatched nationwide in its specificity and breadth.

www.nbcnews.com

"Payments of $5 million to every eligible Black adult, the elimination of personal debt and tax burdens, guaranteed annual incomes of at least $97,000 for 250 years and homes in San Francisco for just $1 a family. These were some of the more than 100 recommendations made by a city-appointed reparations committee tasked with the thorny question of how to atone for centuries of slavery and systemic racism. "

Bruce

 

[jimh406]

Anyone with time on their hands to fact check any of the above examples?

Fact checks aren't real. Go to twitter and look for community notes.

 

[jyoutz]

Yep to residents of a State that was never a slave State, paid to people who were never slaves, paid by (taxpayers) that were never slave owners. Only in Kali.

Not going to happen. It’s just a wacky proposal that won’t go anywhere.

 

[mcfarmall]

I identify as a person of color and you must agree with my delusion.

 

[The Evil Twin]

Not going to happen. It’s just a wacky proposal that won’t go anywhere.

That's been said before. But here we are.

 

[Vince1230]

Repeating the sins of the past under Clihton we made getting loans easier and the look what happened. We are making easier again with poor decisions ort policies. Will we see another 2008 bubble crash?

 

[The Evil Twin]

It goes back further than Clinton.