CNBC's Jim Cramer Says "Buy A House - NOW!!!"

Jim's "Mail Bag" segment:

http://www.cnbc.com/id/25818021/site/14081545/

Even better video...  great discussion on Real Estate, the economy and the new housing law featuring Jim Cramer.  Over 11 minutes but GREAT discussion

http://www.msnbc.msn.com/id/21134540/vp/25812854#25812854

Mike-

Sorry to hear that Cramer's advice has hurt you! I hope he doesn't do it again here.

I watch CNBC for opinions - and there are TONS of them. But I can't help but think that every speaker has an agenda. Host, CEO guests, traders on Wall Street - they are all pushing their positions.

So does that mean that Cramer is buying the big home builders and brokerages? At some point they will be a good stock play - does he thing we are there yet?

Sounds good to me!

Lewis-

I'm not a huge fan of Ameridream and other DPA's. I've used them, but they can create a home owner who doesn't have the owernship mentality - not always, but sometimes. We're in a back to basics market - down payment is required.

Here're the facts, as I know them, about DPA going away - you'll have until Oct 1 to have a credit decision from FHA. After that, they are no more. Of course, there will be a legal battle trying to block it. However, I suggest you investigate alternatives now. And they are out there.

The new law does NOT kill the abilit of someone to get a gift - it just can't come from an interested party such as the seller. Non-profits are still allowed to contribute. Here in Nashville there are some great alternatives - they typically have an income limit but will provide up to $25,000 for DP and Closing Costs. Some are 0% due on sale seconds, others are Community Seconds with a monthly payment. All have a 1% borrower requirement. What about their church or employer? Still within guidelines.

So DPA's departure will hurt the market - in the short term. Lenders, investors and overall markets don't need to create more of a mess with borrowers that go bad - and DPA borrowers default at a higher rate than those who don't use DPA.

Remain "Open-Minded" and find local program alternatives. :)  Clients and Realtors will flock to you because you're the expert. Any monkey can do a DPA deal - not everyone has the alternative to DPA.

3% from a stranger to make the deal happen is different than 3% from Mom and Dad. Thanksgiving will never be the same knowing you walked away a home that Mom and Dad shelled out several thousand for.

Shafting your boss - have fun at the water cooler. I'm sure that won't hurt your upward mobility.

State or county - most will be a recorded second, they may have some recourse.

Bottom line is the seller's money leaves you with no ownership mentality and artificially inflates prices (have you ever had a contract rewritten to increase the sales price and accomodate the DPA?).

Respectfully disagree on that all 100% is created equal.

This change WILL hurt, but neither of us are going to stop it. Remember when everyone went nuts about 80/20 going away - we just have to deal with it. I do a Realtor seminars all the time on these alternatives - they LOVE it. I'm the expert on the topic and it turns into business for both sides. Embrace the change, evolve or die.

Certainly can't sit around saying "I remember when you could do 100% with only a credit score." It ain't coming back any time soon - maybe ever. (stay tuned about 10-15 years, markets have poor memories when there is money to be made)

Is it harder to make money? ABSOLUTELY. But it really was too easy back then. Answer honestely, you'll probably agree.

There are still thousand of homes to be bought in the next 6 months in your market. How many are you going to finance?

And, oh yeah. Today's higher (mid-6's!) fixed rates are still better than your past customers taking that ARM adjustment. Mine that database, grab some purchase, put off that Hawaii vacation, let Jim Cramer keep pumping us and NEXT summer will be so much easier.

Fingers, toes, whatever else I can find. They're all crossed!

Poncho-

Thanks for checking in and representing the Associated Press Style Book.

Didn't your Mother every tell you that if you don't have anything nice to say, then you should blog it somewhere else?