One question

[Mike M (the other one)]

(09-02-2023, 03:13 PM)Mike M (the other one) Wrote: Which leads us to how can we address poverty and find affordable housing for everyone that wants it?

To make houses MORE affordable, why can't we get banks to offer 60-80-100 year loans at a fixed 1% interest? and to help them get settled in, no payments for the first 12 mos (optional ofc).  First time buyers get help (via down payment).

Banks will still get their money, and many people will actually be able to cover those monthly payments easily enough.

The gov doesn't really need to do much but set the laws for interest on those lengths. Banks will jump in line for it (didn't say they will like it, but if it's the gov max they will do it). 

yea yea i get it, people don't live that long, but you can name a dependent to inherit and they can take over or sell or even better, afford the life insurance to cover the balance of the loan in event of death.

Doing some math on a 
300k/60 ys/1% purchase, puts monthly payment at $554.26
300k/80 ys/1% purchase, puts monthly payment at $454.12
300k/100 ys/1% purchase, puts monthly payment at $395.59. 

https://michigansaves.org/calculator/?gclid=EAIaIQobChMIyZOUoMyMgQMVZhmtBh3v-QC7EAAYASAAEgKBz_D_BwE

This is the only calculator i could find that does more than 30 years.

To Prevent people from trying to mass buy with this plan, you can limit the number of a person's loans at 1 and has to be primary residence. With the only way to have more than 1 is to inherit it.