My friend has been in the mortgage banking business for many years.  In fact, he's been president of this-and-that mortgage banking association.

Here's his latest story:

A young pastor accepted the call of one of the enduring longtime medium churches here in Dallas.  And it's associated with one of the major denominations.

Of course his wife and children came with him.

Now after 21 months of searching the real estate market, they found the home that would suit their family just fine -- near the church, near the wife's employment, and a stone's throw from the church-affiliated school they picked for the children to attend.

So the plan was to apply for and get an 80% FHA home loan.  You know the ones that have rates of less than 5.50% for thirty years; the ones that if you haven't owned a home in three years, the government will give you an $8,000 tax credit.

Well all was going fine until the underwriter was checking out the couple's employment.  The pastor had come to Dallas several months before his wife and children were able to move. 

So even with a down payment of 20%, $20,000 more in cash left over in their savings account, the loan was denied.  You see, they wouldn't count the wife's income because she had only been employed in Dallas for twenty-one months.  They wanted her to show a full two years.

Explain to me how making a home loan to this couple was anything more than a minimal risk.

Can't do it...

But this and countless other examples of government over-kill is why this economy is in shambles and why lenders are taking back homes by the thousands.

Does the National Association of Realtors have lobbyist?  Do they ever lobby anything?  Or is their job to collect dues and dream up and print little brochures that they can sell the membership to give to potential buyers and sellers?

BILL CHERRY, REALTORS

Since 1964

DALLAS - HIGHLAND PARK

214 503-8563

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