THE 21ST CENTURY ROAD TO HOUSING ACT IS ALL SCAM, WITH NO MEAT TO HELP THE PEOPLE

I have read 7 articles detailing the ACT.  I can find nothing in any of them which helps the new home buyer directly.  The entire ACT is a trickle-down policy which presumes if you help the developers, the benefits will trickle down to the consumer in some 3-5 years.

The next time Democrats tell you they oppose Trickle Down Economics, you need to throw this ACT in their face.

THE KEY FACTORS HURTING NEW HOME BUYERS IS INTEREST RATES, AND HOMEOWNERS INSURANCE.

My mortgage has an interest rate of 3.9%.  The Texas Veteran Land Board is currently loaning money to Texas Veterans at 5.75% discounted to 5.25% if the veteran is disabled.

On average the national mortgage rate is about 6.75% for non-Texas Veterans. 

The FED has already signaled interest rates will go up at least twice and maybe three times by the end of the year.  This will only raise mortgage rates even more, thereby pushing new home buyers out the of the market.

Nothing in the ACT addresses this issue.

Also, you can save $200-plus on your monthly mortgage if you can put 20% down.  It covers the mortgage insurance in the event you default.  It is presumed that if you put $200 down, even if you default the bank can still get 100% back of the payoff.

On a new home for $250,000, this means you need to put down $50,000 or pay for mortgage insurance. Depending on your location and risks associated with the loan, the PMI can add $300.00 to your monthly payment.

Nothing in the 21st Century ACT addresses mortgage rates, PMI insurance, or homeowners' insurance. 

In my immediate neighborhood there are four homes for sale. Two are estate sales, one is a federal forfeiture drug related house, and one is a regular home seller trying to sell their home. 

Because there are too many homes on the market, they are all overpriced in my opinion. I am watching one estate sale and will consider buying if they drop the price to $175,000.  In my opinion it needs a complete remodeling on the inside.  To do it right, the cost is $100,00.

There is zero chance the price of the home will ever drop to $175,000.

Nothing is being done to lower interest rates. PMI or homeowners' insurance.  There is no relief coming for new homebuyers

MY SOLUTION

The Texas Veteran's Land Board needs to drop interest rates for Texas Veterans to 3.5% basic and 3.0% for disabled veterans.

A federal VA loan does not require PMI insurance.  The Texas Veterans Land Board needs to drop the downpayment to 10% to avoid PMI insurance.

Could you image Gina Hinojosa having any understanding of this issue.  As the Texas Democrats meet nothing is being proposed to facilitate homeownership for Texas.

NOTHING WILL BE FIXED UNTIL WE CHANGE U.S. MONETARY POLICY

The U.S. dollar and oil drive how much money there is to spend.  We need to just end this policy and allow the U.S. to print however much money it needs, with tight restrictions on budget spending.

The strength of the U.S. economy will keep the dollar stable and allow other countries to do the same.  Interest rates will come down, and middle America will be able to afford the American dream.

Our policy of paying interests to big firms so that our economy can function is a form of corporate welfare.  

When Nixon took us off the gold standard they predicted disaster.  It in fact saved our economy.  The idea that the U.S. American people should have to pay interest to investment brokers so we can run our economy is ridiculous.  

So long as we have strict regulations on what the newly printed money can be spent on, the world economy will hold. 

A NOTE TO ELON MUSK

I get people do not trust just giving tax money to wasteful governments.  So here is my idea: Elon Musk should fund a billion-dollar low interest mortgage company which loans money to residents of Cameron County at 3% for mortgages, with a 10% downpayment to avoid PMI insurance.  

Home ownership will jump by leaps and bounds.  A billion dollars is nothing to Elon Musk, and he buys favor with the people.  Elon, your people need to run the program.  The politicos will turn it into a profit-making adventure for themselves.