JQPublic1
Gold Member
- Aug 10, 2012
- 14,220
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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
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.