Comments on: FHA’s First Time Homebuyer Credit – Good, Bad, or Ugly? http://fha.ml-implode.com/blog/2009/05/15/fhas-first-time-homebuyer-credit-%e2%80%93-good-bad-or-ugly/ Issues, best practices, and regulation, from the industry's unofficial watchdog Fri, 22 Jul 2011 21:02:02 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Alexander7 http://fha.ml-implode.com/blog/2009/05/15/fhas-first-time-homebuyer-credit-%e2%80%93-good-bad-or-ugly/comment-page-1/#comment-16 Alexander7 Fri, 22 Jul 2011 21:02:02 +0000 http://fha.ml-implode.com/blog/?p=5#comment-16 <strong><b><a href="http://www.trustedpillspot.com/?ml=buy-generic-LEVITRA buy@generic.LEVITRA" rel="nofollow">...</a></b></blockquote>...</strong> Need cheap generic LEVITRA?... buy@generic.LEVITRA” rel=”nofollow”>……

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]]> By: Twitter Trackbacks for The FHA Blog » Blog Archive » FHA’s First Time Homebuyer Credit – Good, Bad, or Ugly? [ml-implode.com] on Topsy.com http://fha.ml-implode.com/blog/2009/05/15/fhas-first-time-homebuyer-credit-%e2%80%93-good-bad-or-ugly/comment-page-1/#comment-9 Twitter Trackbacks for The FHA Blog » Blog Archive » FHA’s First Time Homebuyer Credit – Good, Bad, or Ugly? [ml-implode.com] on Topsy.com Sat, 29 Aug 2009 08:20:16 +0000 http://fha.ml-implode.com/blog/?p=5#comment-9 [...] The FHA Blog » Blog Archive » FHA’s First Time Homebuyer Credit – Good, Bad, or Ugly? fha.ml-implode.com/blog/2009/05/15/fhas-first-time-homebuyer-credit-%E2%80%93-good-bad-or-ugly – view page – cached #The FHA Blog RSS Feed The FHA Blog » FHA’s First Time Homebuyer Credit – Good, Bad, or Ugly? Comments Feed The FHA Blog A Word about Jack… er, Mr. — From the page [...] [...] The FHA Blog » Blog Archive » FHA’s First Time Homebuyer Credit – Good, Bad, or Ugly? fha.ml-implode.com/blog/2009/05/15/fhas-first-time-homebuyer-credit-%E2%80%93-good-bad-or-ugly – view page – cached #The FHA Blog RSS Feed The FHA Blog » FHA’s First Time Homebuyer Credit – Good, Bad, or Ugly? Comments Feed The FHA Blog A Word about Jack… er, Mr. — From the page [...]

]]> By: Mary http://fha.ml-implode.com/blog/2009/05/15/fhas-first-time-homebuyer-credit-%e2%80%93-good-bad-or-ugly/comment-page-1/#comment-7 Mary Sat, 16 May 2009 13:48:52 +0000 http://fha.ml-implode.com/blog/?p=5#comment-7 My husband and I are well employed, living in the DC area, and together make about $150K a year...(down because of my job change)... We are seriously considering purchasing over the next 6 months using FHA, because even with 401K savings, and about 30K in cash savings, WHO has enough cash laying around for a 20% down pmt in today's market? NOT many, and we are trying to preserve as much cash as possible. Our big "fear factors" are that every economist we have been listening to for years, is now predicting that housing may keep falling for at least 3 more years, losing as much as 30% more. When you look at the Option Arm reset charts, 2011 does indeed seem to be the peak of the stuff hitting the fan. Having scraped together what cash we have for a down, we dont want to buy, knowing we are just going to lose money for 3 years...that would suck. We are sick of renting and really want to buy, but it's such a crapp shoot! My husband and I are well employed, living in the DC area, and together make about $150K a year…(down because of my job change)…

We are seriously considering purchasing over the next 6 months using FHA, because even with 401K savings, and about 30K in cash savings, WHO has enough cash laying around for a 20% down pmt in today’s market? NOT many, and we are trying to preserve as much cash as possible.

Our big “fear factors” are that every economist we have been listening to for years, is now predicting that housing may keep falling for at least 3 more years, losing as much as 30% more. When you look at the Option Arm reset charts, 2011 does indeed seem to be the peak of the stuff hitting the fan. Having scraped together what cash we have for a down, we dont want to buy, knowing we are just going to lose money for 3 years…that would suck.

We are sick of renting and really want to buy, but it’s such a crapp shoot!

]]> By: Paul http://fha.ml-implode.com/blog/2009/05/15/fhas-first-time-homebuyer-credit-%e2%80%93-good-bad-or-ugly/comment-page-1/#comment-6 Paul Sat, 16 May 2009 13:40:58 +0000 http://fha.ml-implode.com/blog/?p=5#comment-6 I dont see a problem with this, because IT IS MY MONEY--I am just getting it a few months earlier than normal!! If I want to apply it toward the purchase of a home, WHY NOT?? Potential buyers should have high credit scores, and be securely-(as much as is possible)-employed. They should otherwise be highly qualified applicants with nice cash cushions in the bank. Anyone buying a house should have a cash cushion, 401K whatever....otherwise, renting is the SMARTEST option for the time being!! I dont see a problem with this, because IT IS MY MONEY–I am just getting it a few months earlier than normal!!

If I want to apply it toward the purchase of a home, WHY NOT?? Potential buyers should have high credit scores, and be securely-(as much as is possible)-employed. They should otherwise be highly qualified applicants with nice cash cushions in the bank.

Anyone buying a house should have a cash cushion, 401K whatever….otherwise, renting is the SMARTEST option for the time being!!

]]> By: JP http://fha.ml-implode.com/blog/2009/05/15/fhas-first-time-homebuyer-credit-%e2%80%93-good-bad-or-ugly/comment-page-1/#comment-5 JP Sat, 16 May 2009 13:16:22 +0000 http://fha.ml-implode.com/blog/?p=5#comment-5 It's a good gesture for the homebuyer and anything beats the shady process of the Nehemiah's grant. I had one loan in which the buyer needed to come up with $14,000 on a SFH in NYC, and that's not including our mortgage tax. Yes it is the buyer's money, but my concern is how the tax credit is going to be shown as sourced and seasoned. Anybody can show with their W-2 and income tax refund stubs that they have the $8,000 credit, but how do we show the legitimacy of our tax refund? Yes, case-by-case is FHA's motto, but we need some ground rules in regards to utilizing the tax credit and it doesn't just regard only first time home buyers. This is where I will wonder why bank statements on FHA (which has to be full doc) loans aren't required to show the depository/withdrawal history of the client's and also show that the tax credit has not been touched or utilized. It’s a good gesture for the homebuyer and anything beats the shady process of the Nehemiah’s grant. I had one loan in which the buyer needed to come up with $14,000 on a SFH in NYC, and that’s not including our mortgage tax. Yes it is the buyer’s money, but my concern is how the tax credit is going to be shown as sourced and seasoned. Anybody can show with their W-2 and income tax refund stubs that they have the $8,000 credit, but how do we show the legitimacy of our tax refund? Yes, case-by-case is FHA’s motto, but we need some ground rules in regards to utilizing the tax credit and it doesn’t just regard only first time home buyers. This is where I will wonder why bank statements on FHA (which has to be full doc) loans aren’t required to show the depository/withdrawal history of the client’s and also show that the tax credit has not been touched or utilized.

]]> By: John http://fha.ml-implode.com/blog/2009/05/15/fhas-first-time-homebuyer-credit-%e2%80%93-good-bad-or-ugly/comment-page-1/#comment-4 John Sat, 16 May 2009 07:03:03 +0000 http://fha.ml-implode.com/blog/?p=5#comment-4 Even if the tax credit advance could be attached to the house, at 100% LTV in a declining maret, it's essentially unsecured. Any FHA lender making such an advance (especially with the rate & fees capped) will make sure that they are making a DANGED good profit on the first mortgage. An unwritten two-tiered pricing system will probably evolve: people with their own down payment will get a "discounted" mortgage rate. People using a tax credit advance will pay the "undiscounted" mortgage rate. These will be higher risk transactions, and lenders will price accordingly. They'll get around any government prohibitions, believe me. Even if the tax credit advance could be attached to the house, at 100% LTV in a declining maret, it’s essentially unsecured. Any FHA lender making such an advance (especially with the rate & fees capped) will make sure that they are making a DANGED good profit on the first mortgage. An unwritten two-tiered pricing system will probably evolve: people with their own down payment will get a “discounted” mortgage rate. People using a tax credit advance will pay the “undiscounted” mortgage rate. These will be higher risk transactions, and lenders will price accordingly. They’ll get around any government prohibitions, believe me.

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