Kamala's new policy AD: Opportunity Economy

[The_Waco_Kid]

Originally Posted by adav8s28

The program where Bank of America gives $10,000 to qualified first time home buyers to help with closing costs is not "dollar for dollar" either. The buyer can refinance the mortgage with another bank after 30 days. In this scenario BOA does not recoup their money with 15 years of mortgage payments where the interest is paid off before the principal.

The state of Texas has down payment assistance program of $8,000 for first time home buyers. Who is paying for that? Texas does not have a State Income Tax.

The bottom line is if BOA and the State of Texas down payment assistance programs are not socialist, then neither is the down payment assistance program that Harris proposes.

yes it is. to have closing costs of 10,000 you'd have to buy a house far outside the normal "first time buyer" range. the average closing costs are about 7k. nationwide.



so they are easily covering the entire cost of closing dollar for dollar. and as UC said they are making it all back in the interest. and don't think BofA isn't tacking on about a half a point on the rate to ensure they get that money back.

[adav8s28]

Originally Posted by The_Waco_Kid

yes it is. to have closing costs of 10,000 you'd have to buy a house far outside the normal "first time buyer" range. the average closing costs are about 7k. nationwide.



so they are easily covering the entire cost of closing dollar for dollar. and as UC said they are making it all back in the interest. and don't think BofA isn't tacking on about a half a point on the rate to ensure they get that money back.

First time buyer to a lending bank means you have not purchased property in 5 years. It does not mean you have never purchased a home before.

What do you mean by Normal "first time buyer range". The closing cost on a 225,000 property is a lot more than 7,000 dollars. Do you want me to post a closing cost estimate sheet from a commercial bank?

It won't be dollar for dollar if the buyer refinances the loan with another bank in six months (which is totally legal for BOA).

I agree with you that if a buyer accepts the down payment assistance from the lending bank the buyer's interest rate will be 1/2 point to 1 point over the prime lending rate that the loan got locked into.

[The_Waco_Kid]

Originally Posted by adav8s28

First time buyer to a lending bank means you have not purchased property in 5 years. It does not mean you have never purchased a home before.

What do you mean by Normal "first time buyer range". The closing cost on a 225,000 property is a lot more than 7,000 dollars. Do you want me to post a closing cost estimate sheet from a commercial bank?

It won't be dollar for dollar if the buyer refinances the loan with another bank in six months (which is totally legal for BOA).

no it isn't. the nationwide average is about 7k. how many houses have you bought? i'm on home number 3 and in Texas paid about 5500 in 2006 for my current house. yes that's 2006 but i fact checked it. it's about 7k overall nationally today.

[adav8s28]

Originally Posted by The_Waco_Kid

no it isn't. the nationwide average is about 7k. how many houses have you bought? i'm on home number 3 and in Texas paid about 5500 in 2006 for my current house. yes that's 2006 but i fact checked it. it's about 7k overall nationally today.

Yes it is. I am on my third home just like you. Which means I have been thru 3 real estate closings. The year 2006 was 18 years ago. Go to the website of any bank or mortgage broker and tell them you want to purchase a house or a condo for $225,000 and you want to put down 3.5%. Ask them to generate a closing cost estimate sheet for you. The closing costs (points, title search, misc fees, etc) not the 3.5% downpayment will be well above $7,000. Have a nice day.

[biomed1]

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