Im happy for them. Im genuinely worried about them and the state of the fiat currency, wages and housing prices. Everything keeps getting more expensive, fiat currency buying power keeps dropping, and wages don't keep up.
I guess I don't understand what this accomplishes. When you get a home loan the bank uses your gross income. They subtract debt such as car loans and credit card payments. Rent was never factored in. The final decision comes down to debt vs income ratio plus the down payment and availability of savings. The loan officer specifically stated that a good rent payment history was favorable to the approval of the loan because it shows your ability to pay.
My house search was surprisingly pathetic. I have excellent credit, a balanced budget, no debt, savings, and full-time work, but the houses within my pre-approved range were RIDICULOUS. Most houses are ~$50k-$100k over what they should be (from my novice point of view). I ended up finding a good investment, but I was searching hard.
Many landlords are happy to rent you an apartment for $2,000 a month based on your income of $X, yet many banks will not approve you for a mortgage with the same income even if the monthly payment would be less than your current rent.
This is the situation many young people face and they are forced to keep renting at a higher cost than a mortgage would be, which makes it incredibly difficult to save for a down payment. This is a major win for anyone looking to go from renting to owning.
It depends on the bank for bank finances loans, but this is for the Freddie Mac and Fannie Mae loans.
Until now, Mae and Mac didn't use your rent payment history as evidence of good credit, so if you were trying to qualify for the first time home buyer perks, it wouldn't matter than you pay 2200 a month in rent and the mortgage would equal 1500 a month, your credit cards were too high (or whatever).
Consistent and on-time rent payments show the renter is a trustworthy economic agent. I'm guessing this wasn't taken into account before, but soon will.
Our bank mortgage lender required a letter from our landlord for at least two years. (We were purchasing the home we rented for 2 years) No option to buy they just said they would sell it now.
We paid every payment on the 15th early, and got a letter from our landlord stating such. I added a note wrapped around that, pointing out that our mortgage would only be $15 more than the rent we had paid for 2 years.
They wanted this from us, 33 years ago!
That is how far things have strayed taking money, standard of living and opportunity away from people, and finessing it so they could still qualify to buy homes. Lots of trouble ensued with no interest loans, and extending the time period through a month acquiring mortgage money through your job. 33 years ago you had to make your mortgage in one week pay. Later it was extended to 8 days, then 10 days a month. That's two weeks income to pay your mortgage and hardly leaves enough for the rest of your bills, car payments and insurance. Food? They began to ignore the income ratio requirement.
Anyway those who have been paying rent on time should have that consideration in a similar pay scale.
Build new Cities and offer young Families lower cost houses and land they can buy. Each new City should focus on an important Industrial American Hub. So it is guaranteed to grow. Have high standards for the families and couples entering. Start making America great and prosperous Again. Get Young Americans excited about the future.
We need to get some smaller, more affordable houses built without any hoa fees. All the new houses are huge and have hoa. Everyone talks about energy efficiency, 3-4 people don’t need a 4000 sq foot home to heat and cool.
I strongly agree that homes should be smaller. I also think that Families need to start living closer together and pooling of assets to maximize quality of life. Imagine a City that uses Volunteer hours to keep all the overhead down. I'd build a dynamic rules City, if you don't Harmonize with the spirit of the Majority population, you can move to a quadrant of nonconformists.
I've got a evolving Master Plan, that will bring hope and prosperity back to the Nation and the good People. There are many Same oceans to connect Globally.
A Rescue the Planet Strategy that everyone can get behind
Environmental Rescue Plan we have been trying to implement and the money going to the DS. I was an environmental activist for long time until I saw how we were lied to. Greenpeace, Sierra Club, WWF were all DS.
Lower home prices would also help prospective buyers! Let's dig into the tax revenue scheme that's at the root of These rising assessments. Or the drug money laundering which has been pouring into real estate and causing price rise.
If I could afford a home right now, I would be worried about the annual expenses taxes fees and upkeep. More than the sticker price.
My post was in reference to Pulte making home finance decisions to expand the pool of buyers being directly related to Pulte Homes building and selling homes for a profit.
Yeah, but what is he gonna do about the ones that have been here 30 years and their parents are STILL permanent residents, going back and forth to their home countries with loads of cash? They are buying up homes left and right here in PA. A zero down policy is only gonna let them buy more and charge outrageous rents like they are doing now!
You watch that video. Wow, what that lady says really does contrast difference between how a normal middle class job could provide some financial security in past decades that's not possible now.
A lot of Gen Zs will bbe happy to hear this.
Im happy for them. Im genuinely worried about them and the state of the fiat currency, wages and housing prices. Everything keeps getting more expensive, fiat currency buying power keeps dropping, and wages don't keep up.
Thsts why we elected trump.
Amen.
Yep, truth RIGHT here.
These are the results of being debt slaves in a beast financial system
Yes...this will help so many who are paying rent amounts comparable to house notes..
I guess I don't understand what this accomplishes. When you get a home loan the bank uses your gross income. They subtract debt such as car loans and credit card payments. Rent was never factored in. The final decision comes down to debt vs income ratio plus the down payment and availability of savings. The loan officer specifically stated that a good rent payment history was favorable to the approval of the loan because it shows your ability to pay.
My house search was surprisingly pathetic. I have excellent credit, a balanced budget, no debt, savings, and full-time work, but the houses within my pre-approved range were RIDICULOUS. Most houses are ~$50k-$100k over what they should be (from my novice point of view). I ended up finding a good investment, but I was searching hard.
Looks like it would be figuring in toward a credit point system but I don't know enough to figure that out.
Many landlords are happy to rent you an apartment for $2,000 a month based on your income of $X, yet many banks will not approve you for a mortgage with the same income even if the monthly payment would be less than your current rent.
This is the situation many young people face and they are forced to keep renting at a higher cost than a mortgage would be, which makes it incredibly difficult to save for a down payment. This is a major win for anyone looking to go from renting to owning.
It depends on the bank for bank finances loans, but this is for the Freddie Mac and Fannie Mae loans.
Until now, Mae and Mac didn't use your rent payment history as evidence of good credit, so if you were trying to qualify for the first time home buyer perks, it wouldn't matter than you pay 2200 a month in rent and the mortgage would equal 1500 a month, your credit cards were too high (or whatever).
Ahh didn't realize Mae and Mac was the culprit
Consistent and on-time rent payments show the renter is a trustworthy economic agent. I'm guessing this wasn't taken into account before, but soon will.
Pulte is a decent humanitarian. Has helped people that needed it in the past and probably is doing the same now,
Don't know him but he will be helping many.
How about bursting the housing bubble so we can afford homes too
You first have to stop the foreign and or Chinese all cash buying. As long as foreign money is allowed prices will always remain high.
Bet you incoming.
Our bank mortgage lender required a letter from our landlord for at least two years. (We were purchasing the home we rented for 2 years) No option to buy they just said they would sell it now.
We paid every payment on the 15th early, and got a letter from our landlord stating such. I added a note wrapped around that, pointing out that our mortgage would only be $15 more than the rent we had paid for 2 years.
They wanted this from us, 33 years ago!
That is how far things have strayed taking money, standard of living and opportunity away from people, and finessing it so they could still qualify to buy homes. Lots of trouble ensued with no interest loans, and extending the time period through a month acquiring mortgage money through your job. 33 years ago you had to make your mortgage in one week pay. Later it was extended to 8 days, then 10 days a month. That's two weeks income to pay your mortgage and hardly leaves enough for the rest of your bills, car payments and insurance. Food? They began to ignore the income ratio requirement.
Anyway those who have been paying rent on time should have that consideration in a similar pay scale.
Thank you for explaining that. I am so glad you were able to do that. So many could not afford anything right now. Oh I know.
Build new Cities and offer young Families lower cost houses and land they can buy. Each new City should focus on an important Industrial American Hub. So it is guaranteed to grow. Have high standards for the families and couples entering. Start making America great and prosperous Again. Get Young Americans excited about the future.
We need to get some smaller, more affordable houses built without any hoa fees. All the new houses are huge and have hoa. Everyone talks about energy efficiency, 3-4 people don’t need a 4000 sq foot home to heat and cool.
I strongly agree that homes should be smaller. I also think that Families need to start living closer together and pooling of assets to maximize quality of life. Imagine a City that uses Volunteer hours to keep all the overhead down. I'd build a dynamic rules City, if you don't Harmonize with the spirit of the Majority population, you can move to a quadrant of nonconformists.
Sounds so much like the 15-minute smart cities the Democrats/Deep State are pushing. Troll much.
FREEDOM CITIES :)
Sounds like the Deep State smart 15-minute cities.
I wouldn't mind that but the current urban sprawl and decay also need to be cleaned up b4 building something new.
I've got a evolving Master Plan, that will bring hope and prosperity back to the Nation and the good People. There are many Same oceans to connect Globally.
I get suspicious when I hear Master anything.
A Rescue the Planet Strategy that everyone can get behind. That offers a clear path forward for the next 1000 years.
Follow the science to your detriment. Sure.
A Rescue the Planet Strategy that everyone can get behind
Environmental Rescue Plan we have been trying to implement and the money going to the DS. I was an environmental activist for long time until I saw how we were lied to. Greenpeace, Sierra Club, WWF were all DS.
No thank you.
https://qalerts.app/?n=3989
Nice. Thanks.
People here are sounding a bit like National Socialist. Kinda makes me feel all warm inside.
Notsees are faggots
What?
Lower home prices would also help prospective buyers! Let's dig into the tax revenue scheme that's at the root of These rising assessments. Or the drug money laundering which has been pouring into real estate and causing price rise.
If I could afford a home right now, I would be worried about the annual expenses taxes fees and upkeep. More than the sticker price.
Now that the deportation are taking place, the home prices in those SANCTUARY should be a lot lower. I would be looking...
Rental history has always been part of the approval process.
That I did not know.
Hopefully, this will help my daughter and son-in-law buy their first home in a better neighborhood when their lease ends.
Amen. I sure hope so.
Wowee. Why didn't I think of that? 🇺🇸🇺🇸
Can't think of everything. LOL
Doing it one step at a time.
Pulte Homes builds homes. Hmmm
Be good for the 20s people to purchase home now that the illegals are out.
My post was in reference to Pulte making home finance decisions to expand the pool of buyers being directly related to Pulte Homes building and selling homes for a profit.
Okay. That's a construction company Pulte Homes. I got you now.
Name checks out. LOL sozy had to
Oh, dozens of anchor babies are gonna LOVE this!
Trump said no anchor babies. I am sure some judges would disagree.
Yeah, but what is he gonna do about the ones that have been here 30 years and their parents are STILL permanent residents, going back and forth to their home countries with loads of cash? They are buying up homes left and right here in PA. A zero down policy is only gonna let them buy more and charge outrageous rents like they are doing now!
You watch that video. Wow, what that lady says really does contrast difference between how a normal middle class job could provide some financial security in past decades that's not possible now.
Oh yeah I know. I watched my parents and I know what it meant back then vs today.