Nice move. Now find a way to drive down the inflation in housing so they can actually afford a home.
Stopping entities like Blackrock from buying up real estate would be a good starting point. At some point the monopolies are going to have to be broken up in all kinds of industry.
1st time home buyer or owner of 1 home, no property taxes. 5% property tax on a 2nd home, investment or vacation property. 25% property tax on 3rd house. Around here, people are buying up every starter size home usually above market value, and renting them out. Young families don't have a chance to buy a home, they have to rent or move out of the county. A building lot is 180k, so you're not going to spend that for a site and then build a 1200 sq ft rancher, so building a home is not an option.
What will be required of landlords? Will they have to keep meticulous records and up load to a database? Surely, banks and credit bureaus will not just take them at their word.
That is going to depend on if the landlord is reporting the info or not and I have no idea how PayPal comes into play. The thing is, they will be using VantageScore 4.0 which is relatively new, and most use 3.0 right now.
I'm in a similar boat, absolutely perfect rent payments but I have no idea what the score is or if my landlords have ever reported those payments. (I think they wanted to charge me extra to do that if I recall)
I have no idea how quickly this change would help anyone; it wont make any difference for me as I have an exceptional FICO score already, but the rates are too high to be able to do anything in my area.
Nice move. Now find a way to drive down the inflation in housing so they can actually afford a home.
Stopping entities like Blackrock from buying up real estate would be a good starting point. At some point the monopolies are going to have to be broken up in all kinds of industry.
1st time home buyer or owner of 1 home, no property taxes. 5% property tax on a 2nd home, investment or vacation property. 25% property tax on 3rd house. Around here, people are buying up every starter size home usually above market value, and renting them out. Young families don't have a chance to buy a home, they have to rent or move out of the county. A building lot is 180k, so you're not going to spend that for a site and then build a 1200 sq ft rancher, so building a home is not an option.
The way it should be. It’s retarded to think disciplined payment of rent every month, often in excess of a mortgage payment was NOT considered before.
I count that as a win, anything we can do,to help young people buy a home.
Now if he can help people get their tendies,that would also help.
It's not only young people
I am old and I need a home.
Houses are still cheap if you move out of the shithole cities.
When we remove 10 million illegals home and apartments housing cost should go way down.
Exactly. Supply and demand.
Good. Now my daughter and son-in-law can get out of the apartment when the lease is up and get into a house in a better neighborhood.
What will be required of landlords? Will they have to keep meticulous records and up load to a database? Surely, banks and credit bureaus will not just take them at their word.
They are basically now allowing the VantageScore in decision making, not just FICO.
What does that mean? I have a 13 yr rental history with a landlord insisting I use PayPal. Is this going to help me at all?
That is going to depend on if the landlord is reporting the info or not and I have no idea how PayPal comes into play. The thing is, they will be using VantageScore 4.0 which is relatively new, and most use 3.0 right now. I'm in a similar boat, absolutely perfect rent payments but I have no idea what the score is or if my landlords have ever reported those payments. (I think they wanted to charge me extra to do that if I recall) I have no idea how quickly this change would help anyone; it wont make any difference for me as I have an exceptional FICO score already, but the rates are too high to be able to do anything in my area.
Its a start. It makes sense too.
https://x.com/pulte/status/1942655598090199125