Can anyone verify this?
First heard about it yesterday where Biden is making ppl with good credit scores to pay for ppl with bad credit scores starting May 1. Im giving it 72 hours before i say its bullshit or not. Big key is i have not seen it on this forum which leads me to believe it is fake news.
If this turns out true, this is my last mortgage payment, thats how this works right? lol
https://www.newsweek.com/biden-raises-costs-homebuyers-good-credit-help-risky-borrowers-1795700
Is this going to raise the payments on previously existing mortgages, or will it only be applied to newly issued mortgages?
New mortgages is my understanding. If you have a shit score, you get a loan discount. If you're above a 740, you pay a loan penalty, somewhere in the 1% range. It's Asinine.
Thats what i am not sure of. If for new, then house sellers will hurt. If for existing, then wouldnt that be a breach of contract?