It’s All Political

Equity Comes to The Neighborhood

You’ve worked hard, sacrificed to do your best, and saved up to purchase that new home, but that no longer seems to matter.

The Biden administration just rolled out a new program whereby you could be punished for all our you hard work.

On May 1, 2023, a new policy goes into effect, the higher your credit score (FICA), the higher your interest rate you’ll be charged.

The lower your credit score, you’ll be rewarded.

As part of the Federal Housing Finance Agency’s efforts, new fees will be applied to those with credit scores of 680 or higher buying or refinancing a home.

If you can make a down payment of 15% to 20%, the fee will be even higher.

The fee on a $400,000 mortgage will have an additional $40 a month added to their payment or a loan rate increase of 1%.

On the other hand, those with a FICO score of 620 or less than a 5% down payment will see a 1,75% discount on their loan.

This will only affect Americans buying or refinancing homes after May 1, 2023.

The average credit score in white communities was 727 in 2021, compared with 667 in Hispanic communities and 627 in Black communities, according to data analyzed by FinMasters, a personal finance blog.

Biden designed this program to assist low-income and minority borrowers by encouraging homeownership, but it is nothing more than a distribution of wealth program.

This is part if the “Equity” agenda, in the Infrastructure bill they have already forced cities, counties and States to set aside at least 10% of new zoning for affordable housing.

Most new homes and construction is occurring in the suburban areas across the country, where most move to in order to escape the massive crime waves that are affecting the urban areas.

This new program takes from those who have done the right thing, to only provide those who the government sees as oppressed and held back by the policies of the past.

They tried a program similar to this back in the 80’s, it led to largest financial crash in recent history.

Equity is coming to your neighborhood