Home > Blogs > Donne Knudsen > Los Angeles & Ventura Counties Real Estate & Mortgage News & Info

BLATANT MISINFORMATION ABOUT GETTING A HOME LOAN: Shame on You CBS

By Donne Knudsen

Mortgage and Lending with Los Angeles & Ventura Counties in CA

September 28, 2009 07:27 AM

Recently, CBS Evening News aired this segment on what buyers need in order to buy a home. This is a classic example of the blatant misinformation that the media is putting out there to the public who see this crap and actually believe it. Don't even get me started on the crap that 60 Minutes aired recently about Barney Frank being the smartest man in the world! AAARRRGGGHHH!!!

CBS Evening News - Loans Are Hard To Come By

While I can't speak for other markets across the country, here in LA and Ventura counties, there are several programs available to first time buyers that do not require 20% down. The couple in the news segment has just been dealing with the wrong lender and they need to find them someone else who can really help them.

Comments(9)

Comment

Show All Comments

Sort:

Vanna Siackhasone

Real Estate Brokers of Alaska 907-720-4663 - Anchorage, AK

Anchorage Real Estate 907-720-4663

Loans have not been HARD to come by per se. Lenders are just doing a lot of what they should have done 5 years ago. Most of my buyers are getting in for 3.5% down or 0% down with a VA loan.

Sep 28, 2009 07:32 AM

Robert Rauf

CMG Home Loans - Toms River, NJ

So true Donne! we have just as many ways to finance a home now as we had in the 90's... You just need a Job!

No money down USDA loans are GREAT

We just got back 10% down Second homes.

We have money to lend all at great rates!!!

Sep 28, 2009 07:34 AM

Donne Knudsen

Los Angeles & Ventura Counties in CA - Simi Valley, CA

CalState Realty Services

Vanna - AMEN! All of my clients are getting in with 0-3.5% down too, which is why I get so riled up when I see and hear the media spewing this kind of crap. It is just so irresponsible.

Rob - You're singing to the choir my friend, which is why I can't believe CBS would put out this kind of crap. It makes me wonder if they did any kind of research on this topic.

Thx for stopping by folks; I really appreciate it. Have a good day. :)

Sep 28, 2009 08:12 AM

Jon Budish

Resident Realty - Fort Collins, CO

We should probably expect this from CBS (NBC, etc, etc,). After all, it's a lot easier to report one persons sob story, than to research the subject.

Sep 28, 2009 08:33 AM

Denise Hamlin, Broker/Owner

Cardinal Realty ~ 319-400-0268 - Iowa City, IA

Helping Happy Clients Make Smart Choices

Absolutely Donne, it could drive you nuts, couldn't it? It was precisely because of this kind of misinformation that I wrote my post about 100% financing in rural areas with the RD Loans. (You remember it I'm sure). Then of course there are FHA loans with 3.5% if you're not in a rural area. We also have 5 and 10 Year ARMS with 100% financing with local banks in Iowa City...It gets so aggravating when someone on national television comes along and says you can't get a loan unless you're willing to put down 10 - 20%! Now granted, you need to have better credit than in the past, but low or no down-payment options are certainly still available!

Okay, so I'll get off my soapbox now!:-)

Sep 28, 2009 10:53 AM

Jane Penttinen

V.I.P. Mortgage - Tucson, AZ

NMLS #222178

The 1st rule of media - If It Bleeds - It Leads. I don't think they care whether it's true or not. It makes a great sob story so they run with it. We all know there has always been money to lend - it just requires more documentation now. As it should.

Sep 28, 2009 10:56 AM

Jon - I'm serious! I truly do not believe they researched the story because we all know if they had they would have been blasted with info on the tremendous increase in FHA loans this year.

Denise - Good grief, don't even get up on my soapbox either because it would take an act of God to get me off. I just can't believe the !#$%^&* media.

Jane - I truly believe there is more to that couples story than what was reported - there has to be! Here in CA (which is where the couple lives), every reputable lender in town is pushing FHA. There is no way these people didn't hear about FHA.

Thx for stopping by everyone; I really appreciate it. Keep up the good work of informing consumers of the TRUTH about getting a home loan.

Sep 28, 2009 11:24 AM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

Donne --- journalists and reporters today inject their bias into their reporting. They no longer report: they editorialize. And no one seems to do a modicum of fact-checking.

Sep 29, 2009 04:50 PM

Pacita - AMEN! The worst part about this is that people watching this will actually believe it and just automatically assume they can't qualify for a loan.

I truly believe that there is more to this story than either CBS and/or the featured couple are telling. I'm guessing that there is a very good reason why this couple can't qualify for an FHA loan. If not, then that couple REALLY needs to find themselves another lender.

Rick - Thx for the encouraging words. Because I'm not a consistent blogger, my journey has been at a tortoise pace; it's been a 13 month struggle to get here.

Thx for stopping by folks; I really appreciate it.

Sep 30, 2009 05:17 AM

BLATANT MISINFORMATION ABOUT GETTING A HOME LOAN: Shame on You CBS

Comments(9)

Donne Knudsen

Real Estate Resources

Recent Posts

Additional Information