Potential impacts of a 50-year mortgage on homebuyers
President Donald Trump and administration officials have now signaled that they're planning to develop a 50-year mortgage that they think could expand access to homeownership. However, some experts are worried that longer-term mortgages could hamstring those who purchase homes during this period. LiveNOW’s Andy Mac is learning more about how the proposal could impact homebuyers across the country with Jason Mitchell, a real estate broker and the founder of the Jason Mitchell Group.Federal Housing Finance Agency Director Bill Pulte said in a social media post that, "Thanks to President Trump, we are indeed working on The 50 year Mortgage – a complete game changer."
Pulte on Sunday responded to criticism over the proposal on social media, saying, "We hear you. We are laser focused on ensuring the American Dream for YOUNG PEOPLE and that can only happen on the economic level of homebuying. A 50 Year Mortgage is simply a potential weapon in a WIDE arsenal of solutions that we are developing right now. STAY TUNED!"
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