Jacked: Trump Hikes Mortgages With First Move

[Lakhota]

Another Lakhota nonsense thread. Working and middle-class Americans are spending 750,000 to 850,000 on their first home? What brand of glue are you huffing?

Holy shit, it looks like you need to read the OP again. The amount is $200,000.

 

[RodISHI]

so now homeownership is a bad thing?

If people are stuck in a shit house with taxes and insurance above what they can afford to live in yes its a bad thing. It is called living within your means.

Thanks to Republicans and greedy business folks, most peoples 'means' are poverty level.

The blame goes a long ways around when you start looking at the whole. Many people got to thinking things will be more convenient and they willingly gave it away for what they thought would be greener pastures. The biggest mistake I have made was making some things too easy for my children. ie I gave my daughter a house for she and her children would have some security. She could either live in it or rent it and pay for another house if she wanted to be in another town. She instead overloaded her and her new hubby's ass and bought a place for more than they could afford. She then sold the house that was given to her and they blew the money on crap.

The value of most anything decreases if you did not actually have to sweat and save for it your self.

 

[Manonthestreet]

so now homeownership is a bad thing?

Would you like another banking crash so you can blame Trump

If he starts deregulating and not policing (like Bush) it will be the worst in the world.

Do you know how many new pages of regulations descended on us under Obama?

 

[OKTexas]

Not spin....They never went down ergo there is no added cost

Dumb ass you are totally spinning, the cost will be $500 more than than it would be without this reversal by HUD

Article said would drop.....Not did drop.....Nothing changed.....We need a law limiting what outgoing Presidents can do to avoid crap like this.....Millenials bigger prob is lack of jobs and an indentured servitude higher education system

In absence of the offset HUD was planning, increasing interest rates will cost new homeowners that need such coverage an average of $500/year. Now that this offset was removed by Trump's administration people will pay more in interest, which will cost them...wait for it....$500/year.

Repeating your fake news talking point doesn't make it true.

If you were promised a $500 raise on January 27...and your new boss canceled it - what would you call it?

Life.

 

[12icer]

Dumb ass you are totally spinning, the cost will be $500 more than than it would be without this reversal by HUD

No the dumb ass is the one who posted it would go up instead of posting they would stay the same. Projected actuality is not actuality. therefore the OP is patently FALSE as usual with anything posted by a liberal.

As for home prices, in the liberal Clinton voting cities the homes are from 2 to 10 times the cost for the same or less size and quality compared to the Trump voting areas. THE Reason, STUPIDITY!!

 

[JQPublic1]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

Yep. Obummer had 8 years and never implemented any reduction.

Mortgage rates were historically low for virtually the entire tenure of Obama administration.
There was no need to lower PMI to keep the total cost of a combined PMI and mortgage payment manageable for the average family.

When mortgage rates started to climb, Obama's team sought to offset that increase by lowering the PMI. That move would have taken place on Jan 27, and would have kept home ownership affordable for those entering the market for the first time. Trump, with the stroke of a pen, cancelled that initiative and locked out thousands of new aspiring home owners who may have to wait much longer to afford a home.

 

[CrusaderFrank]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Obama had 8 years to make that cut, no?

 

[OnePercenter]

One Of President Trump’s First Acts Will Cost Homeowners Millions Of Dollars

Hundreds of thousands of would-be homeowners will be hit with higher costs.

WASHINGTON ― With what may have been his first presidential order, Donald Trump made it more expensive for working- and middle-class Americans to buy their first homes. The move will increase costs for 750,000 to 850,000 Americans in the next year alone, according to the National Association of Realtors.

The Obama administration had said last week that the Federal Housing Administration would drop the cost of mortgage insurance it sells by almost a third to 0.60 percent. But after Trump took office, the Department of Housing and Urban Development, which oversees the FHA, told lenders the fee cut was off. The reversal of the reduction will mean that homebuyers who borrow $200,000 under the program will see their mortgage insurance fees go up by $500 a year relative to what the Obama administration had ordered, according to figures released by the FHA when the cut was announced.

The reduction was intended to help partially offset the cost of rising mortgage rates and was scheduled to go into effect on Jan. 27. The government sells the insurance in case borrowers default.

More: Jacked: Trump Hikes Mortgages With First Move

$500 a year? This is only the beginning.

More fake news from the far left hack site Huffington Post!

More money out of pocket for the middle class. How is that good?

 

[Weatherman2020]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

Yep. Obummer had 8 years and never implemented any reduction.

Mortgage rates were historically low for virtually the entire tenure of Obama administration.
There was no need to lower PMI to keep the total cost of a combined PMI and mortgage payment manageable for the average family.

When mortgage rates started to climb, Obama's team sought to offset that increase by lowering the PMI. That move would have taken place on Jan 27, and would have kept home ownership affordable for those entering the market for the first time. Trump, with the stroke of a pen, cancelled that initiative and locked out thousands of new aspiring home owners who may have to wait much longer to afford a home.

Fail again. Rates went up in 2013 and have been going down again. Obama did NOTHING.

 

[OKTexas]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

Yep. Obummer had 8 years and never implemented any reduction.

Mortgage rates were historically low for virtually the entire tenure of Obama administration.
There was no need to lower PMI to keep the total cost of a combined PMI and mortgage payment manageable for the average family.

When mortgage rates started to climb, Obama's team sought to offset that increase by lowering the PMI. That move would have taken place on Jan 27, and would have kept home ownership affordable for those entering the market for the first time. Trump, with the stroke of a pen, cancelled that initiative and locked out thousands of new aspiring home owners who may have to wait much longer to afford a home.

If 500 bucks is enough to influence that big a decision, they are living too close to the edge to begin with. Maybe they should save a 20% down payment and then PMI wouldn't be an issue at all.

 

[Kosh]

One Of President Trump’s First Acts Will Cost Homeowners Millions Of Dollars

Hundreds of thousands of would-be homeowners will be hit with higher costs.

WASHINGTON ― With what may have been his first presidential order, Donald Trump made it more expensive for working- and middle-class Americans to buy their first homes. The move will increase costs for 750,000 to 850,000 Americans in the next year alone, according to the National Association of Realtors.

The Obama administration had said last week that the Federal Housing Administration would drop the cost of mortgage insurance it sells by almost a third to 0.60 percent. But after Trump took office, the Department of Housing and Urban Development, which oversees the FHA, told lenders the fee cut was off. The reversal of the reduction will mean that homebuyers who borrow $200,000 under the program will see their mortgage insurance fees go up by $500 a year relative to what the Obama administration had ordered, according to figures released by the FHA when the cut was announced.

The reduction was intended to help partially offset the cost of rising mortgage rates and was scheduled to go into effect on Jan. 27. The government sells the insurance in case borrowers default.

More: Jacked: Trump Hikes Mortgages With First Move

$500 a year? This is only the beginning.

More fake news from the far left hack site Huffington Post!

More money out of pocket for the middle class. How is that good?

Yes Obamacare did do that, but you far left drones supported the hugest tax ever passed on the middle class!

However the fake news from Huffington Post, a far left hack site, will always be fake news!

 

[Harry Dresden]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Why should the taxpayers cover the cost?
BTW, first time buyers are NOT buying $200k homes.

they are in california.....just sayin......

 

[OnePercenter]

One Of President Trump’s First Acts Will Cost Homeowners Millions Of Dollars

Hundreds of thousands of would-be homeowners will be hit with higher costs.

WASHINGTON ― With what may have been his first presidential order, Donald Trump made it more expensive for working- and middle-class Americans to buy their first homes. The move will increase costs for 750,000 to 850,000 Americans in the next year alone, according to the National Association of Realtors.

The Obama administration had said last week that the Federal Housing Administration would drop the cost of mortgage insurance it sells by almost a third to 0.60 percent. But after Trump took office, the Department of Housing and Urban Development, which oversees the FHA, told lenders the fee cut was off. The reversal of the reduction will mean that homebuyers who borrow $200,000 under the program will see their mortgage insurance fees go up by $500 a year relative to what the Obama administration had ordered, according to figures released by the FHA when the cut was announced.

The reduction was intended to help partially offset the cost of rising mortgage rates and was scheduled to go into effect on Jan. 27. The government sells the insurance in case borrowers default.

More: Jacked: Trump Hikes Mortgages With First Move

$500 a year? This is only the beginning.

Right, Obama had no policies, just bandaides, but Trump will rip off these bandaides and fix the markets. When the cost of buying a home goes up, prices tend to go down and when the cost of buying goes down, prices tend to go up. The kind of artificial patches Obama tried to apply to the economy only inhibited market forces and gave us anemic growth. What was good enough for Obama voters has been rejected by Trump voters. Obama and his supporters boast that America survived his eight years in office, but Trump and his supporters are demanding all Americans proper.

More money out of pocket for the middle class. How is that good?

You need to take a course in economics. Sellers will ask the best price the market can support. That means when cost of buying goes down, house prices go up and when the cost of buying goes up, the prices of houses goes down. In other words, sellers, not buyers, would benefit from Obama's misguide policies and now sellers will have to slightly lower prices to accommodate the market.

The market is fixed. Sellers ask for prices to generate a new high's in the market even through close to none meeting appraisal. This is a major flipper problem. This is happening in Vegas....right now.

 

[whitehall]

Let me get this straight, the Obama administration (in it's long, long eight years) didn't actually drop the insurance rates, it only dropped the bomb on the Trump administration by promising that the insurance rate would drop when Obama was out of office. Now Trump gets blamed for an insurance hike that never happened. Slick trick.

 

[Lakhota]

Let me get this straight, the Obama administration (in it's long, long eight years) didn't actually drop the insurance rates, it only dropped the bomb on the Trump administration by promising that the insurance rate would drop when Obama was out of office. Now Trump gets blamed for an insurance hike that never happened. Slick trick.

Trump cancelled it.

 

[JQPublic1]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

Yep. Obummer had 8 years and never implemented any reduction.

Mortgage rates were historically low for virtually the entire tenure of Obama administration.
There was no need to lower PMI to keep the total cost of a combined PMI and mortgage payment manageable for the average family.

When mortgage rates started to climb, Obama's team sought to offset that increase by lowering the PMI. That move would have taken place on Jan 27, and would have kept home ownership affordable for those entering the market for the first time. Trump, with the stroke of a pen, cancelled that initiative and locked out thousands of new aspiring home owners who may have to wait much longer to afford a home.

If 500 bucks is enough to influence that big a decision, they are living too close to the edge to begin with. Maybe they should save a 20% down payment and then PMI wouldn't be an issue at all.

$500 dollars is half a mortgage payment on some starter homes. Saving that much each month would make it easier to maintain such a home , furnish it, and keep food on the table.

 

[JQPublic1]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

Yep. Obummer had 8 years and never implemented any reduction.

Mortgage rates were historically low for virtually the entire tenure of Obama administration.
There was no need to lower PMI to keep the total cost of a combined PMI and mortgage payment manageable for the average family.

When mortgage rates started to climb, Obama's team sought to offset that increase by lowering the PMI. That move would have taken place on Jan 27, and would have kept home ownership affordable for those entering the market for the first time. Trump, with the stroke of a pen, cancelled that initiative and locked out thousands of new aspiring home owners who may have to wait much longer to afford a home.

Fail again. Rates went up in 2013 and have been going down again. Obama did NOTHING.

View attachment 107878

Since your chart ended in 2015 you don't have a clear picture of what is going on in the housing market presently or during 2016.

 

[OKTexas]

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

Yep. Obummer had 8 years and never implemented any reduction.

Mortgage rates were historically low for virtually the entire tenure of Obama administration.
There was no need to lower PMI to keep the total cost of a combined PMI and mortgage payment manageable for the average family.

When mortgage rates started to climb, Obama's team sought to offset that increase by lowering the PMI. That move would have taken place on Jan 27, and would have kept home ownership affordable for those entering the market for the first time. Trump, with the stroke of a pen, cancelled that initiative and locked out thousands of new aspiring home owners who may have to wait much longer to afford a home.

If 500 bucks is enough to influence that big a decision, they are living too close to the edge to begin with. Maybe they should save a 20% down payment and then PMI wouldn't be an issue at all.

$500 dollars is half a mortgage payment on some starter homes. Saving that much each month would make it easier to maintain such a home , furnish it, and keep food on the table.

Hey dumb ass pay attention, their talking about 500 bucks a year, less than 42 dollars a month.

 

[JQPublic1]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

Yep. Obummer had 8 years and never implemented any reduction.

Mortgage rates were historically low for virtually the entire tenure of Obama administration.
There was no need to lower PMI to keep the total cost of a combined PMI and mortgage payment manageable for the average family.

When mortgage rates started to climb, Obama's team sought to offset that increase by lowering the PMI. That move would have taken place on Jan 27, and would have kept home ownership affordable for those entering the market for the first time. Trump, with the stroke of a pen, cancelled that initiative and locked out thousands of new aspiring home owners who may have to wait much longer to afford a home.

If 500 bucks is enough to influence that big a decision, they are living too close to the edge to begin with. Maybe they should save a 20% down payment and then PMI wouldn't be an issue at all.

Yes, PMI would not be necessary for those having a 20% down payment in hand. But FHA insurance is government backed. Obama's plan was to cut FHA interest rates not PMI.
Sorry about that... my error. Here is the lowdown on FHA insured loans.

 

[JQPublic1]

Not spin....They never went down ergo there is no added cost

Yep. Obummer had 8 years and never implemented any reduction.

Mortgage rates were historically low for virtually the entire tenure of Obama administration.
There was no need to lower PMI to keep the total cost of a combined PMI and mortgage payment manageable for the average family.

When mortgage rates started to climb, Obama's team sought to offset that increase by lowering the PMI. That move would have taken place on Jan 27, and would have kept home ownership affordable for those entering the market for the first time. Trump, with the stroke of a pen, cancelled that initiative and locked out thousands of new aspiring home owners who may have to wait much longer to afford a home.

If 500 bucks is enough to influence that big a decision, they are living too close to the edge to begin with. Maybe they should save a 20% down payment and then PMI wouldn't be an issue at all.

$500 dollars is half a mortgage payment on some starter homes. Saving that much each month would make it easier to maintain such a home , furnish it, and keep food on the table.

Hey dumb ass pay attention, their talking about 500 bucks a year, less than 42 dollars a month.

Read the article...they are the experts.