Nuhome Mortgage - Houston, TX
Texas Home Loan Specialist NMLS#: 245813
This program has been extended in many states already so check into it... This program will help generate more buyer I think...
Best of luck!
Oct 02, 2008 01:04 AM
Real Living Home Team - Mount Vernon, OH
I'm a realtor and make money from closings, too...but...Low and no down payment programs is a major part of what got us into this mess.
If a buyer or a young couple has no money vested in a house, many are inclined to walk at the first sign of trouble, as they are basically renting the house for the first couple of years. Buyers need to do without for awhile, save up for their dream home's down payment and then get it. They'll appreciate it more and will take better care of it.
We need to work our way back towards 5% or higher down payments if we ever hope to stabilze our overall economy and cut down on foreclosures in the years ahead.
Sorry if this hurts feelings of all of my colleagues, but it is true. (but I'm two-faced, as I won't turn down buyers that are on these programs, either.)
At least I'm honest.
Dave Culbertson, Broker/Owner, Real Living Home Team, Mount Vernon, OH
Oct 08, 2008 08:37 AM
Nuhome Mortgage - Houston, TX
Texas Home Loan Specialist NMLS#: 245813
Dave- I am not too sure how to feel either. On one hand I see what has happened to our market in the past couple of years. Yes it is bad! But I know that the forclosure rate is still not that high profits were hit yes but these investors made a real pretty penny for there investment. I know that there were plenty of families that otherwise never purchased a home and still have them and were not taken for a ride for a ARM loan. So there are some people out there that have homes and have taken care of there homes and credit which I would guess out number the forclosures....
The soulution is not to help out these big banks it is to help these home owners by re-negotiating the terms of there loans to fixed rates. This could have helped many people and saved out market in my opinion...
But thanks for visiting and your comments do make us think... The hardest thing to say in our business is "NO" to a loan!!!
Oct 08, 2008 08:50 AM
PREA Signature Realty - www.preasignaturerealty.com - Saint Louis, MO
Broker/Attorney - Your Lafayette Square Real Estate Partner
If they can't budget and save for the downpayment, it is a pretty good indicator that they will have trouble repaying a loan. FannieMae, under political pressure, loosened its lending standards to promote affordable housing and minority homeownership. With no money down, there is no incentive to keep making payments. There is no risk, no stake, no investment. $100 is walkaway money.
Oct 11, 2008 02:04 AM
Rainer
56,993
56,993
Frank Marta
Texas Home Loan Specialist NMLS#: 245813
Service Areas
Real Estate Resources
Recent Posts
Home Buying
almost 9 years ago
< >< >< >
< >
< >
Comments(4)