Screwing Average Joe
The Young Turks
00:00
The New Biden Rules for Mortgages
Under the old traditional lending model, home buyers with high credit scores and larger down payments paid less than fees because someone with good credit is less likely to default on their mortgage. Under Biden's new rules, that all changes. The effective penalty for having a credit score under 680 is now smaller than it was. But those with Scores ranging from 680 to 780 will see a spike in their mortgage costs.
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