They’re Back
October 5th, 2008 Categories: Real Estate News
A lender friend of mine sent me an email on Friday telling me that there are some new loan programs that are out. One in particular is the 103% loan. It is a 97% FHA and a 6% second. Basically a buyer can buy with no money besides the earnest money.
This is similar to Salt Lake’s Utah Housing program, except you do not have to be a first time home buyer and it has higher income limits.
Now a lot of folks are going to say isn’t that part of what got us into the mess we are in?
The answer to that is not really, the problem came with people borrowing money without verifying employment and income, not the “no money” part. The other side of the no money and down payment assistance programs was that in order to do the deal the purchase price would get bumped up 2-3% to allow the seller to absorb the cost. That was causing false increase in home prices.
So now a buyer that has credit and verifiable income can buy a home.
Plus there are grants available.
Rates are still historically good, inventory is pretty full and loans are available.
So here is the question. In a buyer’s market should you be buying or selling? Hmmm!
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Correct me if IM wrong, but isn’t this what got us into trouble in the first place?
No money down was not the real problem. It may have been part of it, but not the root. The root was GAMBLING and the lack of income verification.
Lenders had such loose guidelines that they were loaning money to people that were not qualified to make the payments.
People were buying homes that were much more than they could afford GAMBLING on the idea they could sell it for a profit, which a lot of people did. Then when the music stopped there were no chairs for those people.
How is the mortgage disaster, and drop in home values, gonna be solved if individuals can not obtain a new job? There are an incredible number of families that previously lost their houses and many more will unless America starts generating something more then excuses. It’s time to change the trade agreements with the Chinese. For heavens sake, our biggest trade partner is a communist nation.
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