Back on March 30th I wrote a post about my son and his girlfriend and their search to purchase their first home. http://activerain.com/blogsview/1010928/walking-a-mile-in-someone-else-s-shoes-
After all an $8000 tax credit would cover improvements and repairs they might want to make and she had diligently set up a "saving for our house" account as soon as they started working last June, a mere 30 days after graduation. So, they had their own money for closing costs and downpayment. And with FHA rates around 5%, how can you NOT buy a home. Thank you President Obama for the housing stimulus package! Yeah - they were on their way!
Well, the house they offered on had some issues that were more than they were prepared for and so they withdrew from that contract after the home inspection. Not to fear, they were on the right track and knew they would find the right house. They kept in touch with their agent and she sent them new listings, they opened their area of search and price range - they really want to buy and not sign a new lease agreement.
But lo and behold, we have to cancel defense contracts and who needs those new helicopters anyway. So to save money, defense budget costs are being cut - great. See the story here, http://news10now.com/content/all_news/369971/stop-work-order-issued-to-lockheed-martin/Default.aspx But wait, Oh-Oh they both work for Lockheed Martin. Whoops! No more helicopters, oh no, now Lockheed Martin has to cut costs. So, here ya go http://news10now.com/default.aspx?ArID=138246.
So thanks for the $8000, but, what are they supposed to do without a job to get a mortgage with? So now, they can't even take the chance of signing a new lease. Of course this is one small example of why this housing stimulus isn't working as well as it could or should. If we as REALTORS cannot support even our own children and encourage them to buy, how can we, in good conscious, encourage our clients? Anyone else having first hand experience?
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