If you’ve worked hard to improve your credit by paying your bills, the Biden administration has a plan to use your good credit to help those with horrible records.
It’s the most un-American plan ever.
“Under new rules from the Biden administration’s Federal Housing Finance Agency (FHFA), home buyers with higher credit scores will pay higher fees on their mortgages,” reported Breitbart. “Those with lower credit ratings and who put less money down will get more favorable mortgage rates than those for which they would otherwise qualify.”
Biden’s new rule impacts around half of the home loans issued across the United States.
The new rule will make it significantly more expensive for those who followed the rules in order to buy a house.
A borrower with a “good” score of 680 or higher can expect to pay on average $40 more per month for the entire life of their loan on a $400,000 mortgage.
“As of this past May 1, those who make down payments of 20 percent or more on their homes may wind up paying the highest fees,” reports Breitbart. “This policy stands on its head the basic principle that if we scrimp and save and build a good credit record, we will be ultimately rewarded.”
“It is crystal clear to me, as a former senior mortgage banker, that the administration’s new mortgage policy will be a disaster,” wrote Derek Kreifels of Breitbart. “American families will have to pay out millions upon millions of dollars more in what amounts to an unfair middle-class tax hike. And as a consequence – at a time when high interest rates have already significantly depressed home sales – the entire real estate market could be expected to go sour. And the cascading impact on the fragile American economy would benefit no one.”
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Author: Daily Conservative Staff Writers
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