A lot of loans are already GSE owned and the whole mortgage market over the last 3-5 years was GSE so it would certainly stimulate the economy contrary to some of the non-supporters here for whatever reason.
I can understand folks not wanting ANYONE else to have any benefit (we’re selfish as a society and people that way), but this would probably end up helping you actually when you actually put real dollars in people’s pocket to spend some of.
With the limited downsides of this and the large $$ amount, I’m hoping the guv’ment does something right for once.
As sdr mentioned, try getting any time of day for anyone to bother refinancing you when you are self employed…they simply don’t want to bother and it’s a major pain the ass. We’re at 4.875 right now so not too bad, but 4% can’t hurt and never missed a payment on anything…ever.
As for renters missing out on benefits, I’ve rented my whole life till recently and you can bet as a home buyer, you spend TONS more money getting your home setup and maintained. Landscaping, window coverings, lawn mowers/trimmers, flooring, appliances, more/nicer furniture, etc…
If this passes, I could see spending on a tv, computer and car shortly 🙂
