"The fund lost an unanticipated $4.6 Billion due to these false downpayment gifts being promoted by greedy Realtors and lenders." Not even close - not even reality. (A) cite your source and (B) cite your knowledge and position. Your number is COMPLETELY fabricated.
Well, I guess the sellers will just have to lower their prices to be more in line with the market. The buyer should be prepared to purchase with an appropriate down payment (20%+) or that "buyer" really has no business being in the market in the first place!
We appreciate your response... Remember... the FHA loan platform was created for folks with less than perfect credit. The mortgage collapse is not in ANY way connected to FHA loans or Down Payment Assistance. Consider this... under the new law a $200,000 home, financed with an FHA loan, will require a $7,000 down payment. More in next comment
If the seller reduced the price of the home to $193,000, the required down payment is now $6,755. The bottom line is that the buyer still has to come up with 96.5% of the original $7,000 down payment. The price reduction made by the seller only benefited the buyer's entry requirement by $245.00. How the heck is that helpful to the buyer... who didn't have $7,000 dollars for a down payment, let alone $6,755. More in next comment
The argument that DPA programs are the straw that broke the mortgage industries back is absolutely false. FHA DPA loans were less than 1/2 of 1% of all loans being made during the lead up to the mortgage meltdown. The argument is simply a scare tactic spouted by Washington and media pundants.
Just my additional 2 cents... and... of course... all a mute point in as much as the President signed the BILL into law. End of comment. Bye for now Lori & G-II
government is bad...but greed has no bounds...a lot of these real estate brokers and lenders/refinancers/adjustors were part of the reason why people were buying houses they couldn't afford. As long as they got their percent of the pie they couldn't care less about who was going to get forclosed on.
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cod3mast 3 years ago
There is no downpayment.
This program is fraud against the homebuyer and America's FHA Insurance Fund.
The fund lost an unanticipated $4.6 Billion due to these false downpayment gifts being promoted by greedy Realtors and lenders.
It's time for the long arm of the law to mete out some justice.
PainesQuest 3 years ago
"The fund lost an unanticipated $4.6 Billion due to these false downpayment gifts being promoted by greedy Realtors and lenders." Not even close - not even reality. (A) cite your source and (B) cite your knowledge and position. Your number is COMPLETELY fabricated.
TiffanyBaldinger 3 years ago
There is no downpayment.
This program is fraud against the homebuyer and America's FHA Insurance Fund.
The fund lost an unanticipated $4.6 Billion due to these false downpayment gifts being promoted by greedy Realtors and lenders.
It's time for the long arm of the law to mete out some justice.
PainesQuest 3 years ago
Well, I guess the sellers will just have to lower their prices to be more in line with the market. The buyer should be prepared to purchase with an appropriate down payment (20%+) or that "buyer" really has no business being in the market in the first place!
amjohnstone 3 years ago
Hello AmJohnStone,
We appreciate your response... Remember... the FHA loan platform was created for folks with less than perfect credit. The mortgage collapse is not in ANY way connected to FHA loans or Down Payment Assistance. Consider this... under the new law a $200,000 home, financed with an FHA loan, will require a $7,000 down payment. More in next comment
G2sLapTop 3 years ago
If the seller reduced the price of the home to $193,000, the required down payment is now $6,755. The bottom line is that the buyer still has to come up with 96.5% of the original $7,000 down payment. The price reduction made by the seller only benefited the buyer's entry requirement by $245.00. How the heck is that helpful to the buyer... who didn't have $7,000 dollars for a down payment, let alone $6,755. More in next comment
G2sLapTop 3 years ago
The argument that DPA programs are the straw that broke the mortgage industries back is absolutely false. FHA DPA loans were less than 1/2 of 1% of all loans being made during the lead up to the mortgage meltdown. The argument is simply a scare tactic spouted by Washington and media pundants.
Just my additional 2 cents... and... of course... all a mute point in as much as the President signed the BILL into law. End of comment. Bye for now Lori & G-II
G2sLapTop 3 years ago
government is bad...but greed has no bounds...a lot of these real estate brokers and lenders/refinancers/adjustors were part of the reason why people were buying houses they couldn't afford. As long as they got their percent of the pie they couldn't care less about who was going to get forclosed on.
OmarThePug 3 years ago
DPA is so huge here in Missouri Almost every house we sell is sold with FHA with DPA.
vizionkc 3 years ago
When I noticed this in the bill I could not believe that it was real.
vizionkc 3 years ago
the new component will keep the market sluggish. good news for investors, bad for l/o's and agents. viva las vegas.
INVESTORK 3 years ago 2