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I have to admit that I am not so familiar with this.
OP claims that this particular executive order will hurt the low income home buyers. How so? Please explain.
The lower income borrowers part is a mistake, as FHA loans are used by those with a rather wide range of incomes. It is generally a popular program for first time home buyers and many middle class home buyers as well, that is generally where the brunt of the income is made. This was not put into effect yet, though was slated to on loans funding on Jan 27th or later (refinances starting on 23rd). Basically it would have reduced the monthly mortgage insurance (which is paid in addition to the mortgage). It was a 25 basis point reduction, which comes out to approx $21 per month for every $100,000 of the loan.
So is it true that people who don't have healthcare won't be penalized with his executive order? I have a 20 something co-worker who said he won't buy health insurance being very healthy. Also, come tax time, wouldn't it reflect that he didn't have a plan, thus deducting a portion when he files?
Deception is a horrible game. More of the loony left's distorted news. There are only a few possibilities:
1. The writers are incapable of comprehending what was signed and the implications. 2.The writers know what was signed and intentionally count on the clickbait title to misinform the public. 3. All of the above.
LOL . . . If President Obama truly wanted to help the forgotten, he would have done this years ago and not as he was leaving the Oval Office.
However, it was a nice paper gesture.
There was a reduction done in early 2015 as well. The latest reduction came out a little less than two months after the annual financial report for FHA came out for fiscal 2016.
The lower income borrowers part is a mistake, as FHA loans are used by those with a rather wide range of incomes. It is generally a popular program for first time home buyers and many middle class home buyers as well, that is generally where the brunt of the income is made. This was not put into effect yet, though was slated to on loans funding on Jan 27th or later (refinances starting on 23rd). Basically it would have reduced the monthly mortgage insurance (which is paid in addition to the mortgage). It was a 25 basis point reduction, which comes out to approx $21 per month for every $100,000 of the loan.
I see. Thank you.
This said, this is just my opinion and it might be wrong.
People with credit scores between 500 and 580 should not be given home mortgage loans. By promoting this behavior you are encouraging people with bad credit to obtain mortgages that they would not otherwise be able to obtain. Then when they default in mass you end up with a housing crisis, similar to the one we all just experienced in 2008.
No not at all ,just an expert at spotting when some people know nothing and are clueless.
You really didn't contribute anything here. Move on.
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, uses his first taste of executive power to cancel a mortgage payment deduction on middle and lower middle class homeowners.
