Boosting Affordable Housing
5 Ways Trump Admin Plans to Boost Affordable Housing
Examining the multifaceted approach to reviving the American Dream of homeownership
- Portable Mortgages--allows homeowners to transfer their existing mortgages, with interest rate and terms, to a new property, avoiding penalties and potentially saving thousands of dollars.
- 50-year Mortgages--Extending loan terms would lower monthly payments by stretching amortization
- Develop affordable housing on federal lands--would eliminate local zoning restrictions and come with lower taxes, which proponents argue could reduce construction costs, accelerate development, and enhance affordability.
- Credit Scores--adopting FICO 10T, alongside VantageScore 4.0, for U.S. mortgages
- Interest Rates--Lower the rates
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1 comment:
Why don't we just put ugly little houses in our National Parks.
If you can't afford a house, save until you can afford a house. Homeownership is not for everyone. Who is going to pay to buy the water heater, the AC, the new roof and the thousands of other items that you need in a house. These are all just stupid ideas, and the President knows that. He's just throwing things out there. If housing prices fall, and you save your money, you may be able to buy a house someday. In the meantime, there are rental houses and apartments that the owner would be glad to have a good tenant. Life is hard! Owning a house is nothing but hard work. Go on Rocket Mortgage and see what you qualify for, in an FHA loan. It's not the interest rate that is killing the market, it's the price of the house.
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