Should every American be forced to pay a new $40/month tax to help people with bad credit buy homes?
What if had a grandfather clause by exempting families until they buy a home and THEN charge them $40 month. I mean, you know. It’s only $40 a month that’s the cost of sponsoring a shelter dog, or two Netflix subscriptions.
Is charging every family who buys a home to pay $40/month to subsidize folks with bad credit isn’t too much to ask?
As long as we don’t call it “a tax” it does not even need Congressional approval (pesky old Constitution anyway.)
Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.
The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.
Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.