I must ask this question today based on the earlier blog about Feds probing the rates. What then is the purpose of housing programs within communities or states? Is it just to get people in a house and then not teach them financial management. Or are these programs just counting people as a number but setting them up for continued failure? If people are receiving a higher interest rate on their mortgage to start with when they come into these programs, why have the program? If you are a mortgage broker or lender and a minority came into your office seeking to purchase a house, however their credit would put them in a category of being given a higher interest rate, would you not take it upon yourself to educate the person about the benefits of waiting to later?
