How the US is Subsidizing High-Risk Home Buyers — at The Cost of Those With Good Credit

#102
#102
SpaceCoastVol said:
Get a divorce.
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Hog was discussing dimpled butts and thongs last night in Gramps - that dimpled butts don't belong in thongs, and I agree. However, he never specified whose butt he had been checking out. We'll assume he wasn't referring to Mrs Hogg because he was still able to type. Butt in any case if he gets caught ogling the wrong butt, divorce could be in his bumpy path - wives tend to be funny about that kind of thing even if they make comments about a guy in a movie being "cute" or whatever.
 
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#103
#103
Franklin Pierce said:
A little-noticed revamp of federal rules on mortgage fees will offer discounted rates for home buyers with riskier credit backgrounds — and force higher-credit homebuyers to foot the bill, The Post has learned.

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.

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


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This reaks of 2008
 
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#104
#104
As I said, this is infuriating, and anybody voting for Biden is infuriating, but I’m sure this will buy some votes on the backs of responsible people with good credit.

The Biden supporters should be ashamed of themselves and distance themselves from this nonsense.
 
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#107
#107
So what’s the optimum credit score and down payment to get the best interest rate and payment? Sounds like we now have an opportunity for financial advisors to help you boost or crater your credit score. I’ll volunteer for you to “charge” some fees on your credit card until you get the loan then I’ll send 75% back🤷🏻‍♂️
 
#108
#108
I just heard about this. This is ridiculous and more socialism by the radical left. This is on the pathetic “81 million” who voted for this piece of trash. Of course his supporters love this because they will benefit from us
 
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#109
#109
There are so many ways for loan officers and underwriters to offset fees with "fast track" programs for customers with good FICO scores that this really isn't the travesty that you might think at first glance.

I'm not defending Biden with this. I'm just saying that some of the reactions on here are overly dramatic. It really just means that you will pay less at closing, and more through the life of the loan.

If you ever believe even one thing I say on here, let it be this : There are zero negatives in having a FICO score over 720. You will get preferential treatment from your mortgage lender.
 
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#110
#110
BowlBrother85 said:
There are so many ways for loan officers and underwriters to offset fees with "fast track" programs for customers with good FICO scores that this really isn't the travesty that you might think at first glance.

I'm not defending Biden with this. I'm just saying that some of the reactions on here are overly dramatic. It really just means that you will pay less at closing, and more through the life of the loan.

If you ever believe even one thing I say on here, let it be this : There are zero negatives in having a FICO score over 720. You will get preferential treatment from your mortgage lender.
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Oh please..that sounds like something a Dem would say...credit scores are earned.
 
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#111
#111
Orangeburst said:
Oh please..that sounds like something a Dem would say...credit scores are earned.
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No $hit. Where did I say otherwise?

You will get preferential treatment for having a high FICO score, especially with a pre-existing relationship with your lender. It's a reward. The lender will covet your business, and be more than happy to either waive fees or offset fees which can't be waived by numerous other means.

Does everything have to revolve around politics? Good lord.
 
#112
#112
BowlBrother85 said:
No $hit. Where did I say otherwise?

You will get preferential treatment for having a high FICO score, especially with a pre-existing relationship with your lender. It's a reward. The lender will covet your business, and be more than happy to either waive fees or offset fees which can't be waived by numerous means.

Does everything have to revolve around politics? Good lord.
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There it is! BS.they get preferential treatment for something earned.. you Dem.
 
#113
#113
Orangeburst said:
There it is! BS.they get preferential testament for something earned.. you Dem.
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You don't make any sense. Yes, a high FICO score is earned ... and yes, it will lead to lower closing costs and advantageous terms written into your contract, which customers with lower credit scores would not be eligible for. That is preferential treatment - which has been earned.
 
#114
#114
BowlBrother85 said:
You don't make any sense. Yes, a high FICO score is earned ... and yes, it will lead to lower closing costs and advantageous terms written into your contract, which customers with lower credit scores would not be eligible for. That is preferential treatment - which has been earned.
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What a weird term to call it preferential..that is a nasty word with Dems. It doesn't fit the egalitarian concept that your party supports.
Better to say earned.
 
#116
#116
AM64 said:
Hog was discussing dimpled butts and thongs last night in Gramps - that dimpled butts don't belong in thongs, and I agree. However, he never specified whose butt he had been checking out. We'll assume he wasn't referring to Mrs Hogg because he was still able to type. Butt in any case if he gets caught ogling the wrong butt, divorce could be in his bumpy path - wives tend to be funny about that kind of thing even if they make comments about a guy in a movie being "cute" or whatever.
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The Mrs is who pointed it out to me.

We’re in Ft Walton Beach at our condo and the spring volleyball tournament is this weekend. One of the contests must be how little clothes can you play in.
 
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#122
#122
TNVOLNAVY said:
View attachment 547689One graph explains it.
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OrangeBoro said:
A form of reparations I guess. Joe never stops pandering to black people and alphabet soup people
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Lol .... Sheesh.

The mortgage lender still maintains broad discretion. Basically, if a lender does not want to approve a loan for an applicant with a FICO score below 680, they do not have to.

In your zeal to be critical of Biden, you are drawing conclusions from a subject which you clearly don't understand.

Also, debt-to-income ratio is an important factor as well. That hasn't even been mentioned in this thread. Loan applications are often declined due to excessive obligations, even for applicants with FICO scores of over 720. You guys are making too much of this.
 
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#123
#123
If it isn't a big deal, then why is the government doing this?
A person with a high credit score should be loaned to their rate, not have to pay a higher rate to compensate for someone's lower score.
Lets face it, the higher rate is to offset the higher number of closures.

Just another gov egalitarian scheme.
 
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