This is the absolute worst idea ever. It’s like these people live in a different universe. Imagine a young person who struggled to buy a small condo 5-8 years ago with 5% down and now is married and having a child. With extra savings and making mortgage payments, and with rising real estate prices, the couple has scurried away 150K and wants to buy a $750K home. Income wise, they may be a little stretched, but they qualify to do it. Well not anymore they don’t. They now have to qualify for a much more costly mortgage. What are we telling a people? Only rich people can buy a home for their family? This will just force families with big down payments to wait longer to buy a home and then miss out altogether on a home as prices continue to rise. What a disaster. You all need to call or email your federal representative. This is a country killer.
Print This Page