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  • August 2, 2009 at 3:15 PM #16127
    Effective Demand
    Participant

    I just posted some examples of what is going on with what looks like FHA being used for bidding over list on foreclosure properties:

    http://effectivedemand.blogspot.com/2009/08/multiple-offers-are-taxpayers-on-hook.html

    With 5% rates, 6% allowed seller concessions, a downpayment which can be “gifted” and a tax credit (which could be used to pay back those “gifted” funds) it explains why we are seeing such an explosion in demand on the low end. Just like the boom they are playing games with other peoples money. This time the other people are the taxpayers.

    August 2, 2009 at 3:42 PM #440269
    PadreBrian
    Participant

    Good reporting. But there is a huge difference. Now, buyers have to qualify for the loan. No dead-beats.

    August 2, 2009 at 3:42 PM #440800
    PadreBrian
    Participant

    Good reporting. But there is a huge difference. Now, buyers have to qualify for the loan. No dead-beats.

    August 2, 2009 at 3:42 PM #440871
    PadreBrian
    Participant

    Good reporting. But there is a huge difference. Now, buyers have to qualify for the loan. No dead-beats.

    August 2, 2009 at 3:42 PM #440469
    PadreBrian
    Participant

    Good reporting. But there is a huge difference. Now, buyers have to qualify for the loan. No dead-beats.

    August 2, 2009 at 3:42 PM #441044
    PadreBrian
    Participant

    Good reporting. But there is a huge difference. Now, buyers have to qualify for the loan. No dead-beats.

    August 2, 2009 at 3:59 PM #440474
    sdrealtor
    Participant

    Dont know about elsewhere but very few properties I see around SD go to FHA buyers particularly those getting big credits back.

    August 2, 2009 at 3:59 PM #440805
    sdrealtor
    Participant

    Dont know about elsewhere but very few properties I see around SD go to FHA buyers particularly those getting big credits back.

    August 2, 2009 at 3:59 PM #440876
    sdrealtor
    Participant

    Dont know about elsewhere but very few properties I see around SD go to FHA buyers particularly those getting big credits back.

    August 2, 2009 at 3:59 PM #441049
    sdrealtor
    Participant

    Dont know about elsewhere but very few properties I see around SD go to FHA buyers particularly those getting big credits back.

    August 2, 2009 at 3:59 PM #440274
    sdrealtor
    Participant

    Dont know about elsewhere but very few properties I see around SD go to FHA buyers particularly those getting big credits back.

    August 2, 2009 at 4:42 PM #440810
    Effective Demand
    Participant

    [quote=PadreBrian]Good reporting. But there is a huge difference. Now, buyers have to qualify for the loan. No dead-beats.[/quote]

    The qualification is much more questionable. For FHA manual underwrites its a hardline 31/43 DTI. But with automated underwriting those ratios can be significantly pushed.

    August 2, 2009 at 4:42 PM #440279
    Effective Demand
    Participant

    [quote=PadreBrian]Good reporting. But there is a huge difference. Now, buyers have to qualify for the loan. No dead-beats.[/quote]

    The qualification is much more questionable. For FHA manual underwrites its a hardline 31/43 DTI. But with automated underwriting those ratios can be significantly pushed.

    August 2, 2009 at 4:42 PM #440479
    Effective Demand
    Participant

    [quote=PadreBrian]Good reporting. But there is a huge difference. Now, buyers have to qualify for the loan. No dead-beats.[/quote]

    The qualification is much more questionable. For FHA manual underwrites its a hardline 31/43 DTI. But with automated underwriting those ratios can be significantly pushed.

    August 2, 2009 at 4:42 PM #440881
    Effective Demand
    Participant

    [quote=PadreBrian]Good reporting. But there is a huge difference. Now, buyers have to qualify for the loan. No dead-beats.[/quote]

    The qualification is much more questionable. For FHA manual underwrites its a hardline 31/43 DTI. But with automated underwriting those ratios can be significantly pushed.

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