▲ 690 ▼ Joe Biden wants more people to start living in empty offices (www.businessinsider.com) submitted 2 years ago by sandro_linux@lemmy.ml to c/worldnews@lemmy.ml 236 comments fedilink hide all child comments
[–] NoIWontPickaName@kbin.social -1 points 2 years ago (1 child) We have that already. They are called usda and fha loans permalink fedilink source parent hideshow 1 child comment replies: [–] 8bitguy@kbin.social 5 points 2 years ago The Mortgage Insurance Premium (FHA) and Annual Guarantee Fee (USDA) make either costly in the long run. You get to skip the down payment, but the added cost of mortgage insurance (irrespective of how it's labeled) hurts lower income borrowers. Both are costly, and neither are necessary. The property is the collateral. The lender loses future revenue and is inconvenienced if the borrower defaults, but they obviously do well enough overall to shoulder that burden. permalink fedilink source parent
[–] 8bitguy@kbin.social 5 points 2 years ago The Mortgage Insurance Premium (FHA) and Annual Guarantee Fee (USDA) make either costly in the long run. You get to skip the down payment, but the added cost of mortgage insurance (irrespective of how it's labeled) hurts lower income borrowers. Both are costly, and neither are necessary. The property is the collateral. The lender loses future revenue and is inconvenienced if the borrower defaults, but they obviously do well enough overall to shoulder that burden. permalink fedilink source parent