Hello, and welcome back!
Let's not waste any time; the Democrats are proposing a new, 20-year mortgage program through Ginnie Mae that could spur first-generation homebuyers into homeownership, but what does that mean for people who have gradually been getting priced out of their slice of the American Dream over the last few years? In general, longer mortgage terms allow the cost of the home to spread out over time, lowering the monthly payments. One would assume a 20-year mortgage would increase monthly payments and make it more difficult for new homebuyers to qualify for a loan, but the government plans to subsidize the interest rates to help offset some of those costs. That sounds good in theory, but what would a program like this look like in real life? This proposed program could very well fizzle out without getting off the Senate floor, but we went ahead and discussed some of the concepts that influence potential legislation like this and how you as investors and #DealHunters should prepare. Check out the episode and let us know what you think of the Democrats' plan.
Mentioned in today's episode
Here's a link to the article Donny discussed in today's episode:
Dems Propose 20-Year Mortgage For First-Gen Homebuyers
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