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?
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.
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?
The FHA is subsidizing housing for the rich.
Thanks for proving my point that this is just a gov't subsidy for the rich
- 10 years agoFavorite 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.
- Anonymous10 years ago
I would qualify for that,
but would NEVER want to pay that much monthly...