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But you don't know the difference between PMI and FHAI...Nah..na na na nan NAAAAABTW.. dimwit it is "They're" not "their."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.
Poor baby, reduced to playing spelling police. LMAO
Mortgage rates were historically low for virtually the entire tenure of Obama administration.Yep. Obummer had 8 years and never implemented any reduction.
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.
Not what the OP said, it was talking about PMI.
You didn't read the op, Dumbass. Looks like we both are off our game tonight a wee bit. FYI, PMI is Private Mortgage insurance. The president/Feds wouldn't have the authority to manipulate the PMI rates. Since the FHA is federal, that mortgage insurance rate is subject to government oversight. I am glad I didn't have to deal with either since veteran loans do not require mortgage Insurance. BTW, just in case you want to act like a dumb ass again here is proof the op was about FHA and not PMI:
View attachment 107919
FHA mortgage insurance is called MIP or Mortgage Insurance Premium.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.
Not what the OP said, it was talking about PMI.
You didn't read the op, Dumbass. Looks like we both are off our game tonight a wee bit. FYI, PMI is Private Mortgage insurance. The president/Feds wouldn't have the authority to manipulate the PMI rates. Since the FHA is federal, that mortgage insurance rate is subject to government oversight. I am glad I didn't have to deal with either since veteran loans do not require mortgage Insurance. BTW, just in case you want to act like a dumb ass again here is proof the op was about FHA and not PMI:
View attachment 107919
Did you bother to read the first sentence in the paragraph your highlights were in? Tell me hero, what is the mortgage insurance sold by the FHA called?
lol I believe you are too stupid to be discussing this.The market is not "fixed". Prices fluctuate according to supply and demand. If we add $500 on to the cost of buying a house, that's $500 less the buyer will have to pay for the house so sellers who want to sell will have to lower their prices in order sell. By reducing the cost of buying a house,all Obama did was to allow sellers to charge more. The middle class comes out the same either way. This is just another instace of Obama choosing to make a popular political gesture that has no impact instead on choosing sound economic policy.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.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?
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.
So you believe that this is an opening for house sellers to pack deals?
How Donald Trump Just Raised Many Mortgage BillsNo their fees will remain the same......Read
Well, they are in other areas as well. The point is, the discount should not have been proposed in the first place. Generally, the average price of as starter home nationwide falls short of $200kthey are in california.....just sayin......Why should the taxpayers cover the cost?No their fees will remain the same......Read
Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...
BTW, first time buyers are NOT buying $200k homes.
i get ya....my point is in california you may not have a choice,a home below 200K might be a piece of shit in a neighborhood you dont want to live in.....Well, they are in other areas as well. The point is, the discount should not have been proposed in the first place. Generally, the average price of as starter home nationwide falls short of $200kthey are in california.....just sayin......Why should the taxpayers cover the cost?No their fees will remain the same......Read
Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...
BTW, first time buyers are NOT buying $200k homes.
Well, they are in other areas as well. The point is, the discount should not have been proposed in the first place. Generally, the average price of as starter home nationwide falls short of $200kthey are in california.....just sayin......Why should the taxpayers cover the cost?No their fees will remain the same......Read
Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...
BTW, first time buyers are NOT buying $200k homes.
Ok, do I have to explain to you why interest rates tend to be higher for those with weaker credit scores/histories?Well, they are in other areas as well. The point is, the discount should not have been proposed in the first place. Generally, the average price of as starter home nationwide falls short of $200kthey are in california.....just sayin......Why should the taxpayers cover the cost?No their fees will remain the same......Read
Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...
BTW, first time buyers are NOT buying $200k homes.
Do tell? Why was the rate cut not justified? What is the required capital reserve ratio of the FHA mortgage insurance fund? What is it now?
No..They will not. There IS NO increase in fees. The amount/percentage stays the same.But you don't know the difference between PMI and FHAI...Nah..na na na nan NAAAAABTW.. dimwit it is "They're" not "their."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.
Poor baby, reduced to playing spelling police. LMAO
Nevertheless, the op is spot on... If the FHA rates stay the same, because of Trump, new home buyers using FHA Insurance will be paying $500 more per year on a $200,000 home.
Ok, do I have to explain to you why interest rates tend to be higher for those with weaker credit scores/histories?Well, they are in other areas as well. The point is, the discount should not have been proposed in the first place. Generally, the average price of as starter home nationwide falls short of $200kthey are in california.....just sayin......Why should the taxpayers cover the cost?Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...
BTW, first time buyers are NOT buying $200k homes.
Do tell? Why was the rate cut not justified? What is the required capital reserve ratio of the FHA mortgage insurance fund? What is it now?
The status of the reserve is not the point.
The lowering of rates and standards for purpose of acquiring a mortgage is the very thing that brought us the housing market meltdown of the latter part of the last decade.
There is NO reason to repeat this mistake. Or anything else that may resemble the errors made.
next thing your side will say is PMI is "unfair".
Well, they are in other areas as well. The point is, the discount should not have been proposed in the first place. Generally, the average price of as starter home nationwide falls short of $200k
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.
lol I believe you are too stupid to be discussing this.The market is not "fixed". Prices fluctuate according to supply and demand. If we add $500 on to the cost of buying a house, that's $500 less the buyer will have to pay for the house so sellers who want to sell will have to lower their prices in order sell. By reducing the cost of buying a house,all Obama did was to allow sellers to charge more. The middle class comes out the same either way. This is just another instace of Obama choosing to make a popular political gesture that has no impact instead on choosing sound economic policy.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.More money out of pocket for the middle class. How is that good?
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.
So you believe that this is an opening for house sellers to pack deals?
Another sad example of this was back in the 90's the Dems wanted an 8% increase in the children's lunch program. The Repubs gave them 6% in the budget and the left successfully rebranded the 6% increase as a "cut" in the program. You lefty's are nut jobs.
No..They will not. There IS NO increase in fees. The amount/percentage stays the same.But you don't know the difference between PMI and FHAI...Nah..na na na nan NAAAAABTW.. dimwit it is "They're" not "their."$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.
Poor baby, reduced to playing spelling police. LMAO
Nevertheless, the op is spot on... If the FHA rates stay the same, because of Trump, new home buyers using FHA Insurance will be paying $500 more per year on a $200,000 home.
The proposal to lower the rate was rescinded. No one's expenses increased a dime.
This is the same lib logic that gave us the idea that if a spending increase in a particular budget item is not approved, the budget was 'cut'....No it was NOT. The budget remains the same.
Hey guys! Why would helying people get into homes be good for Americans anyway? I mean, who wants to save money when buying a home?
Another sad example of this was back in the 90's the Dems wanted an 8% increase in the children's lunch program. The Repubs gave them 6% in the budget and the left successfully rebranded the 6% increase as a "cut" in the program. You lefty's are nut jobs.
Reducing food for kids is a GOOD thing?
