Comment Detail
Date: 05/16/23 First Name: Arthur Last Name: Verbit Email: art.verbit@rate.com Organization Type: other Organization: Guaranteed Rate Comment
Loan level price adjustments should be based on the risk of the borrower which is based off of your own data. To have better credit score and bigger down payment borrowers help subsidize higher risk borrowers just doesn't seem fair. I laud the idea of attempting to create wealth through homeownership but there are more equitable ways to achieve this through grant programs. Down payment is typically the largest hurdle. Instead of feeding so much of the G-fee to the us government, maybe it should be recirculated into creating housing affordability for first time buyers.
Home ready/home possible are good examples of beneficial programs that work.
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