Anonymous
Anonymous asked in Politics & GovernmentPolitics · 10 years ago

Does any liberal know a working or middle class person who can afford a $729,750 mortgage with only 3.5% down?

Wasn't the FHA designed to help working and middle class people get homes?

3.5% down

http://articles.moneycentral.msn.com/Banking/HomeF...

I live in Los Angeles and the loan limit is $729,750. LA is expensive but still middle class people can't afford that. Why do people who can afford a $729,750 home need help from the govt? THe taxpayer needs to help people get into $729,750 homes.

http://www.fha.com/lending_limits_state.cfm?state=...

Isn't his just Obama's way of loosening standards to make it easier for Wall St to make loans to dump on Fannie and Freddie?

Update:

The FHA is subsidizing housing for the rich.

Update 2:

Sadcat

Thanks for proving my point that this is just a gov't subsidy for the rich

2 Answers

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  • 10 years ago
    Favorite Answer

    Those are upper limits, they weren't created by Obama, and any lender has a right to refuse to make loans that are so out of keeping with a borrower's income.

    In fact, I would bet that not one lender in LA these days would think of taking 3.5% down on a $729,750 mortgage from a person who was earning less than $200,000/year.

  • Anonymous
    10 years ago

    I would qualify for that,

    but would NEVER want to pay that much monthly...

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