Comments on: Home buyer tax credit update-November 2, 2009

By: Ken

Ken — Thu, 05 Nov 2009 06:19:25 +0000

Ya, you guys loved those non conforming – no doc loans didn’t you? Didn’t have to prove one thing, and you could rope anyone into an overspent, grossly overfinanced adjustable mortgage – just to make a quick buck. You like pulling in the “patriot act” card. Yet, when you were allowed to, you wrote anything you could, screwed over anyone you could, just to make yourself a buck. Times are different, and it’s funny, now, so is your tune. Hypocrite

By: Ken

Ken — Thu, 05 Nov 2009 06:15:21 +0000

Let’s also take a look at the fact that credit requirements, and the hoops you have to now jump through to get a mortgage are in direct reflection of irresponsible lenders and originators writing bad loans, falsifying documents, and just being “dirty” to make a buck. How about Lambrecht Company that wrote millions of dollars of FHA loans on fictitious properties and extorted FHA out of this money? The lending industry has been mismanaged, and with all the “dirty” originators, closers, etc…..This is exactly why we are at where we are today. Ya, the fingers point at you.

By: Ken

Ken — Thu, 05 Nov 2009 06:06:59 +0000

Comment edited by Moderator -Well, since you want to be a DELETED, lets do this. First of all - YOUR NOT PAYING ATTENTION! We HAVE $20,000 to put down. Easy to prove it's source too. Merck decided to withhold information about a little drug called Vioxx, and murdered my father. Just like they did several other thousand people. This is a small installment portion of the payments from them. Second, asshole, in March, our 6 year old son was diagnosed with type 1 diabetes. The piece of crap health insurance I had dumped us $18,000 into his medical expenses. We are just getting this paid off and it took a toll on our credit with them reporting this. For several months we were unable to pay much at all due to the fact that we were laying out $700 a month on medications and supplies out of our own pockets. We are also, first time buyers. What home? What equity? Are you truly this moronic to make such undereducated, half ass, ignorant comments. You're an DELETED, Gordon.

By: Gordon

Gordon — Thu, 05 Nov 2009 05:49:58 +0000

Ken, It is unfortunate that we have to verify the souce of funds due to 10′s of thosuands of home buyers that falsified their income and down payment money in the past. So, in an attempt to help keep our country a little more safe from terrorists, money laundering, gangs and sky rocketing foreclosure rates etc… We do have to verify the source of down payment. Of course you take the word of some individuals that state they got their money from their wedding. How do you know that’s where the money came from?
Not sure where you’re getting your credit score information? FHA will go down to 620 credit score. There is no requirement for a 700 with an FHA loan. In Ohio if you are a first time home buyer the Ohio Housing Finance Agency (OHFA) does not have a minimum credit score requirement at this time. However expectations are that they will follow suit with FHA some time soon.
The requirement for FHA down payment is 3.5% of the purchase price. Again not sure where you got the $20,000 down requirement, unless you are buying a home with a purchase price exceeding $550,000.
Were you over extended? Is that why you’ve had a finanacial set back and why your credit scores are so low. Were you one of the thousands of people pulling money from the equity in your home like an ATM? Since you did not have the discipline NOT to keep up with the Jones’? So it was the lenders fault for giving you the credit that you used irresponsibly and now its the banks fault that you can’t get a loan to take advantage of the tax credit?
Does that about sum it up?

By: Ken

Ken — Thu, 05 Nov 2009 04:55:25 +0000

Ya, and how about the credit requirements to even qualify to buy a home?! They have made some of the requirements absurd! Even during the senate banking committees meeting they told one story of a couple who tried to use the money given to them as gifts from their wedding as a down payment. The lender required “gift letters” from all 80 guests!! Secretary Donovan made claims that HUD is making their “best loans in history”. This was noted as a “self proclaimed prophecy” when they have made loans impossible to just about anyone with a credit score under 700, and near impossible limitations placed on borrowers. Due to the economy, serious illness with one of our children, and some unexpected financial issues, here we sit with 600-610 credit scores, $20,000 to put down, and we can’t get a mortgage for even 80% of the homes value! We can’t even take advantage of the tax credit. That is unless we find an owner financed home. Even these are very few and far between. With the way lenders are, people are scooping up owner financed homes left and right. The hell with it!

By: Pat

Pat — Tue, 03 Nov 2009 21:18:53 +0000

What is this Dec. 1st for current owners to get the $6500? So if you close after the bill passes and before Dec. 1st you don’t get it??

By: Ryan

Ryan — Tue, 03 Nov 2009 19:14:03 +0000

What a joke. We would buy a new house if this bill would allow us to but since we’ve only owned our house for 3.5 years, we don’t qualify. We missed the first benefit in 2007 since we bought in 2006 and on top of that, homes bought around this time were hurt the most by the market.