5 days ago our president released mortgage information meant to further divide our country and punish the middle class. (keep in mind this is not a political Blog I don't lean either way I just want to provide facts) So in case you haven't heard this is what is happening the Biden administration rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers. Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage, according to a Washington Times report Tuesday. Now the Biden administration for doing so is to help minorities fulfill the American dream of owning a home. I back the reasoning 100% I believe everyone should have the opportunity to own a home in with the right conditions. However, I can think of a ton of different ways to go about it. For example, create governmental grants that assist these minorities with down payments and closing costs and/or provide them homebuyer education classes. But do not punish the middle class who worked their fingers to the bone trying to fix their credit to purchase a house. I understand they want someone to pay for the discount the lower credit score borrowers are getting, because apparently the 6% interest rates isn't enough of a return. It is a absolute joke and a slap to the face to everyone who has worked hard to provide for their families and now they will be priced out of buying a new home. while someone who is irresponsible with credit gets the house. Make it make sense!
- chaselaclair