Ok, with all the knowledge and experience of all of us at Active Rain, we should be able to come up with viable solutions to this housing crisis.
The $8000 first time home buyer credit has helped, but my fear is we will see foreclosures from this group of new buyers. How many people are coming out to buy a home simply because they are receiving the $8000? In fact, in some cases, they make money by buying a home ($100,000 purchase can only "cost" 3.5% down: $3500: finance all closing costs, is possible. So, in this case, the buyer makes $4500!
I do believe am educational component should be attached to the $8000 tax credit. All buyers should be required to take a home buying seminar and receive a certificate of completion, which must be delivered to the lender PRIOR to closing.
So, time will tell on the $8000 tax credit and its % of foreclosures.
Now, let's come up with other ideas!
What is YOUR idea?
Ann Sabbagh
Vice-President
Seacoast Mortgage Corporation
Residential and Commercial Financing
508-243-1190
Please visit my website: www.annsabbagh.com
"When you choose me as your mortgage consultant, you also choose a financial planner who cares about your financial strength."
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