FHA unveils a 40 year loan modification option
What do you all think about this?
If this becomes a thing for lenders (which looks likely if you ask me), house prices are going to FLYYYYY HIGH. We will have another refinance boom possibly depending on interest rate. Either way, I don’t feel this is good for buyers.
EDIT: Yes, this is for people in forbearance HOWEVER, what if this becomes a thing for lenders? Just did the math on our own mortgage and making it a 40 year would give them an extra 70K in interest. This is not official. This is just a conversation.