NCCommish
Footballguy
Yeah whats 40 dollars over 30 years of monthly payments? Just a pittance. A mere 14k. Heck you can barely pay for a year of college with that so why bother?On this..... It was something enacted like ten days ago and was to go in effect next Friday the 27th. FHA mortgage insurance was being reduced by 0.25%.
I have a buyer client that was scheduled to close on the Monday the 23rd, but last week the lender told them about this and we asked for an extension to Friday so they could get the lower insurance/payment. The seller drove my buyers crazy by taking five days to sign the extension and we got it yesterday. And now today he lost the reduction. He was posting all day on FB today for Trump LOL. His payment was going down about $40/mo on a $173k home.
To me, it looks like more of a political play by Obama. Rates are still very low, so there's no need to do this and take money out of the insurance account, even if some say the account has enough now.
Since this was just enacted about 10 days ago, it's not really going to affect anyone, unless they applied in the last four days and they are right at their max loan level.
Reasonable people can disagree on the program but it is simply fact based that this action made it more expensive to buy, or for the semantically driven, finance a home than it would be otherwise. Which was my whole statement.