WingsOfGood posted...
the other bad thing is that this is a 2 year cushion that will result in many foreclosures when these people no longer get the $400 and realize they cannot afford the payment at this super high interest rate
but they will be rushed to buy because if they wait 2 years for the rate to drop they won't get the free money
just not a well thought out idea
Or, they wont do that, and itll give many people a much needed cushion to be able to buy their first home.
you can do your best to poke holes in it all you want, but if this happens, many families will benefit. I bought my first home recently in California because of a first time buyer program, and I would not have been able to if it werent for that program. And surprise, there was a lot of people against that too. People have talked shit to me.. to my face, because I was able to buy a home with the program.