OK so we need to stimulate the housing economy. I get that. So, in the spirit of getting personally involved, I tried to remortgage my home. I own several other properties outright, one of which is under contract, I own other rental property with a positive cash flow, I am a working Realtor, I have a Super credit score. I have enough money in the bank to cover the loan I want to refinance and guess what! I am unable to refinance because Real Estate was awful last year and I didn't earn over $50,000.
Also, the house I mentioned above was a foreclosure which had been sitting on the market since last July. I purchased the home in January, worked my butt off and turned the property from unhabitable to like new in 30 days. I priced the property below the assesseed valuation and lower than any property of its kind, received a full price contract only to find that FHA rules say that I have to wait 91 days to write a contract with this FHA purchaser. So, what's the point. She is qualified and has all of her ducks in a row, so on day 91 we will write a contract. I know what this regulation was originally designed to do but I don't think in the present economy it is doing anything to help jump start the economy. As is always the case when a rule gets on the books it is impossible to remove it.