How to Buy a House for Free

[Ricechex]

Someone at my office is in escrow for a house in Julian. House is bank owned foreclosure.

There were numerous bids on the house, so she bid $10K over asking price, and seller (JP Morgan/Chase) pays half of closing costs.

Here are the numbers:
Purchase price: 140K
FHA Loan, 3.5% down = $4900
Closing Costs = $3000 (bank is paying half)
Total =$7900

Tax Credit: $8000. She reports that you can file for this right after closing, with a special claim form, and get the check in a few months.

Looks the taxpayers are paying for this all the ways round.

http://seekingalpha.com/article/136897-minyanville-subprime-lending-is-back-with-a-vengeance

[jpinpb]

I’ve been saying these new sales have no skin in the game. So does the 10k from the State not kick in b/c it’s 140k?

[jpinpb]

I’ve been saying these new sales have no skin in the game. So does the 10k from the State not kick in b/c it’s 140k?

[jpinpb]

I’ve been saying these new sales have no skin in the game. So does the 10k from the State not kick in b/c it’s 140k?

[jpinpb]

I’ve been saying these new sales have no skin in the game. So does the 10k from the State not kick in b/c it’s 140k?

[jpinpb]

I’ve been saying these new sales have no skin in the game. So does the 10k from the State not kick in b/c it’s 140k?

[Eugene]

[quote=jpinpb]I’ve been saying these new sales have no skin in the game. So does the 10k from the State not kick in b/c it’s 140k?[/quote]

because it’s not new.

[Eugene]

[quote=jpinpb]I’ve been saying these new sales have no skin in the game. So does the 10k from the State not kick in b/c it’s 140k?[/quote]

because it’s not new.

[Eugene]

[quote=jpinpb]I’ve been saying these new sales have no skin in the game. So does the 10k from the State not kick in b/c it’s 140k?[/quote]

because it’s not new.

[Eugene]

[quote=jpinpb]I’ve been saying these new sales have no skin in the game. So does the 10k from the State not kick in b/c it’s 140k?[/quote]

because it’s not new.

[Eugene]

[quote=jpinpb]I’ve been saying these new sales have no skin in the game. So does the 10k from the State not kick in b/c it’s 140k?[/quote]

because it’s not new.

[patientrenter]

This is the kind of thing that would make me apoplectic, if it were not for the fact that I am jaded by the constant and shameless govt raiding of my pocket to pay for other people’s subsidies.

If you had to pick out one single factor in mortgage lending that makes the difference between loans that are repaid and loans that are not, it would be the amount of real money of their own the buyer uses to pay for the house. Yet, in the middle of the biggest meltdown in the mortgage market, after the biggest housing bubble in recorded history, our govt – Congress, Administration, and Fed – is still encouraging, even arranging, loans with hardly any money down, and sometimes none.

If we passed a law requiring that all home purchases must be made with at least 20% provided by the buyer, from their own funds, no games, then our housing market would be 90% cured.

[patientrenter]

This is the kind of thing that would make me apoplectic, if it were not for the fact that I am jaded by the constant and shameless govt raiding of my pocket to pay for other people’s subsidies.

If you had to pick out one single factor in mortgage lending that makes the difference between loans that are repaid and loans that are not, it would be the amount of real money of their own the buyer uses to pay for the house. Yet, in the middle of the biggest meltdown in the mortgage market, after the biggest housing bubble in recorded history, our govt – Congress, Administration, and Fed – is still encouraging, even arranging, loans with hardly any money down, and sometimes none.

If we passed a law requiring that all home purchases must be made with at least 20% provided by the buyer, from their own funds, no games, then our housing market would be 90% cured.

[patientrenter]

This is the kind of thing that would make me apoplectic, if it were not for the fact that I am jaded by the constant and shameless govt raiding of my pocket to pay for other people’s subsidies.

If you had to pick out one single factor in mortgage lending that makes the difference between loans that are repaid and loans that are not, it would be the amount of real money of their own the buyer uses to pay for the house. Yet, in the middle of the biggest meltdown in the mortgage market, after the biggest housing bubble in recorded history, our govt – Congress, Administration, and Fed – is still encouraging, even arranging, loans with hardly any money down, and sometimes none.

If we passed a law requiring that all home purchases must be made with at least 20% provided by the buyer, from their own funds, no games, then our housing market would be 90% cured.

[patientrenter]

This is the kind of thing that would make me apoplectic, if it were not for the fact that I am jaded by the constant and shameless govt raiding of my pocket to pay for other people’s subsidies.

If you had to pick out one single factor in mortgage lending that makes the difference between loans that are repaid and loans that are not, it would be the amount of real money of their own the buyer uses to pay for the house. Yet, in the middle of the biggest meltdown in the mortgage market, after the biggest housing bubble in recorded history, our govt – Congress, Administration, and Fed – is still encouraging, even arranging, loans with hardly any money down, and sometimes none.

If we passed a law requiring that all home purchases must be made with at least 20% provided by the buyer, from their own funds, no games, then our housing market would be 90% cured.

[Author]

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