Trump budget would spike deficits by nearly 5 times Harris proposal

This.

I am fine with FHA loan rate modifications. However a flat subsidy is stupid.

Also - I get it is all political theatre, and likely smart for Harris to say "ill do that too" - but it is a dumb idea. Tips are income.

 

The GOP is filled with morons - their concept of economic rules and how they work is archaic, Trump doesn't give 2 ***** for anyone here or anywhere, he wouldn't walk across the street to piss on you if you were on fire.

He doesn't care about America he only cares about his own pocket book.

And the MAGAts will vote against their own self interest and they will be the ones suffering and still blaming the Dems for their problems like the idiots they are.

DD

 

We've done this before. What was the actual economic impact? Googling isn't helping much: some studies suggest a temporary rise in housing while others suggest no rise. It's not clear how much is recouped back through property taxes (local but still) and spending associated with homeownership. They all seem to show minimal impact overall.

 

But that does not make you qualified.
Your credit score makes you qualified.

Assistance helps with the purchase not being qualified.
Am I incorrect?

 

No, because credit score is only part of the qualification process. Cash for down payment is another part of the qualification process. And somebody might not qualify for a $200K loan, but does qualify for a $175K loan. Down payment is a big barrier for some.

 

It's a barrier not a qualifier. If your credit qualifies you for a 200k home good. If your credit qualifies for a 175K home good.


I have had 4 mortgages in my life. And the pre-approval process always comes back that you are pre-approved for up to X amount of dollars.
You look at a house. You put in an offer. And if they accept your next call is to your lending partner. The next question is how much do you plan to put down. At that point you get your expected closing cost sheet. You do your appraisal, and structural. You show up on closing day with a check to cover escrow your percentage down, and any other incidentals. and then you sign about 1oo pages of gibberish.
And then you go home.

no one qualifies for a home loan with a score under 720 I believe. Might be wrong on that.

 

You are wrong on that. You can get a home loan under 720, the rate is just higher. And you can call it whatever you want, but they won't qualify you for the loan if you don't have the required down payment

You don't recall sending in bank statements for down payment and proof of income? You've never had to worry about debt/income ratio?

I work closely with mortgage brokers and bankers when my self-employed clients are trying to get approved for mortgages.

 

I did say I might be wrong on the 720.

I sent pay stubs to verify my income and work.

Yes I sent bank statements, but that was after I had already been qualified.
At no time during the pre-qualification process did anyone ask me how much I was going to put down.
And if they did it would be incorrect depending on the amount, I was purchasing a house for.

I guess it's just the way I see it.

It's all good thank you for the info.

 

Now I'm playing devil's advocate with myself. It is possible that entry-level home supplies are low because margins are too thin to be interesting to builders. If you increase the customer's willingness to pay by $25k, maybe that becomes a stronger investment case for the builder and supply could be increased.

Back to the larger thread, Kamala can copy all of Trump's economic policies, she could become a Republican, and trade bodies with Trump. I'd still vote for her. She is still the non-sociopathic candidate.

 

Would someone more knowledgeable about economics explain to me Trump's plan with tariffs?

I listened to Oren Cass speak on this but I'm not exactly sure I understood the theory behind it. My basic understanding is that the consumer will tire of paying the increased costs for goods that have had a tariff imposed on them and stop buying those products.

The companies that produce these products, in an effort to recapture the lost sales from these consumers, would then move their operations to the United States to bypass the tariffs.

Is this even close or am I way off base in my understanding here?

 

The Harris housing proposal includes stuff to reduce regulations and barriers to building to encourage significantly more supply. It's not just a demand side proposal. In fact, there's a huge YIMBY's for Harris call happening tonight where they'll talk about this stuff. I really don't love the housing credit, but everything else she's proposing on it has been great and will genuinely be helpful, and is a stark contrast to Trump who has made keeping single family zoning and other regulations that cause housing prices to rise a part of his campaigns. Burying the lead to only talk about the first time homebuyers credit

 

I think the only real argument for tariffs is it *can* long-term create more jobs in your country, but short term it almost definitely will spike prices and possibly create shortages of various products. Trump's previous tariffs contributed to our supply chain problems in 2020 and 2021.

I think it's horrid policy, so I can't really offer you any real positive arguments in favor. I will say that Biden has continued some of Trump's tariffs and it's one of my biggest complaints with his admin. Although Trump seems to be proposing significantly higher tariffs in a second term, so we're talking bad policy vs worse policy.