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Ex-SD
ParticipantNicMM:
As with many other businesses, the mortgage business is full of people who will play games with you concerning the rates and fees that you will pay to acquire a mortgage.
HLS is a very straight shooter and if he says that he doubts the rates you were quoted are suspect……………you should be wary of them unless you have everything in writing. He’s in the mortgage business, is very savvy and has offered some very good advice to other posters on this site when he got absolutely nothing out of it.
Get something in writing………………NOW, or find another lender. If HLS is correct, you may want to consider using his services to find your mortgage.ParticipantNicMM:
As with many other businesses, the mortgage business is full of people who will play games with you concerning the rates and fees that you will pay to acquire a mortgage.
HLS is a very straight shooter and if he says that he doubts the rates you were quoted are suspect……………you should be wary of them unless you have everything in writing. He’s in the mortgage business, is very savvy and has offered some very good advice to other posters on this site when he got absolutely nothing out of it.
Get something in writing………………NOW, or find another lender. If HLS is correct, you may want to consider using his services to find your mortgage.ParticipantNicMM:
As with many other businesses, the mortgage business is full of people who will play games with you concerning the rates and fees that you will pay to acquire a mortgage.
HLS is a very straight shooter and if he says that he doubts the rates you were quoted are suspect……………you should be wary of them unless you have everything in writing. He’s in the mortgage business, is very savvy and has offered some very good advice to other posters on this site when he got absolutely nothing out of it.
Get something in writing………………NOW, or find another lender. If HLS is correct, you may want to consider using his services to find your mortgage.ParticipantNicMM:
As with many other businesses, the mortgage business is full of people who will play games with you concerning the rates and fees that you will pay to acquire a mortgage.
HLS is a very straight shooter and if he says that he doubts the rates you were quoted are suspect……………you should be wary of them unless you have everything in writing. He’s in the mortgage business, is very savvy and has offered some very good advice to other posters on this site when he got absolutely nothing out of it.
Get something in writing………………NOW, or find another lender. If HLS is correct, you may want to consider using his services to find your mortgage.ParticipantI knew about most of what they talked about in that article but I didn’t know that they were still allowing the “not for profit organizations” to gift the 3% down payment.
From the article:
“But for those who lack the wherewithal to put even a little skin in the game, there’s a workaround: a not-for-profit organization can give prospective buyers the teensy downpayment. The spigot is wide open. Of the 180,881 loans that the FHA insured in the first half of fiscal 2008, 36.7 percent, or 66,337, were seller-funded. With home builders and sellers desperate to make sales in a slowing real estate market, this percentage is likely to grow.”This is simply going to cause a repeat of the mess that the housing industry is presently in. It has been demonstrated for many, many years by banks and companies who fund loans for big-ticket items to people who do not put a down payment on the product will quickly see a very large number of the borrowers default within the first one to two years. Anyone who has ever been involved in retail management of big-ticket, retail products learns this when they make the mistake of giving credit to people who can’t afford a down payment.
ParticipantI knew about most of what they talked about in that article but I didn’t know that they were still allowing the “not for profit organizations” to gift the 3% down payment.
From the article:
“But for those who lack the wherewithal to put even a little skin in the game, there’s a workaround: a not-for-profit organization can give prospective buyers the teensy downpayment. The spigot is wide open. Of the 180,881 loans that the FHA insured in the first half of fiscal 2008, 36.7 percent, or 66,337, were seller-funded. With home builders and sellers desperate to make sales in a slowing real estate market, this percentage is likely to grow.”This is simply going to cause a repeat of the mess that the housing industry is presently in. It has been demonstrated for many, many years by banks and companies who fund loans for big-ticket items to people who do not put a down payment on the product will quickly see a very large number of the borrowers default within the first one to two years. Anyone who has ever been involved in retail management of big-ticket, retail products learns this when they make the mistake of giving credit to people who can’t afford a down payment.
ParticipantI knew about most of what they talked about in that article but I didn’t know that they were still allowing the “not for profit organizations” to gift the 3% down payment.
From the article:
“But for those who lack the wherewithal to put even a little skin in the game, there’s a workaround: a not-for-profit organization can give prospective buyers the teensy downpayment. The spigot is wide open. Of the 180,881 loans that the FHA insured in the first half of fiscal 2008, 36.7 percent, or 66,337, were seller-funded. With home builders and sellers desperate to make sales in a slowing real estate market, this percentage is likely to grow.”This is simply going to cause a repeat of the mess that the housing industry is presently in. It has been demonstrated for many, many years by banks and companies who fund loans for big-ticket items to people who do not put a down payment on the product will quickly see a very large number of the borrowers default within the first one to two years. Anyone who has ever been involved in retail management of big-ticket, retail products learns this when they make the mistake of giving credit to people who can’t afford a down payment.
ParticipantI knew about most of what they talked about in that article but I didn’t know that they were still allowing the “not for profit organizations” to gift the 3% down payment.
From the article:
“But for those who lack the wherewithal to put even a little skin in the game, there’s a workaround: a not-for-profit organization can give prospective buyers the teensy downpayment. The spigot is wide open. Of the 180,881 loans that the FHA insured in the first half of fiscal 2008, 36.7 percent, or 66,337, were seller-funded. With home builders and sellers desperate to make sales in a slowing real estate market, this percentage is likely to grow.”This is simply going to cause a repeat of the mess that the housing industry is presently in. It has been demonstrated for many, many years by banks and companies who fund loans for big-ticket items to people who do not put a down payment on the product will quickly see a very large number of the borrowers default within the first one to two years. Anyone who has ever been involved in retail management of big-ticket, retail products learns this when they make the mistake of giving credit to people who can’t afford a down payment.
ParticipantI knew about most of what they talked about in that article but I didn’t know that they were still allowing the “not for profit organizations” to gift the 3% down payment.
From the article:
“But for those who lack the wherewithal to put even a little skin in the game, there’s a workaround: a not-for-profit organization can give prospective buyers the teensy downpayment. The spigot is wide open. Of the 180,881 loans that the FHA insured in the first half of fiscal 2008, 36.7 percent, or 66,337, were seller-funded. With home builders and sellers desperate to make sales in a slowing real estate market, this percentage is likely to grow.”This is simply going to cause a repeat of the mess that the housing industry is presently in. It has been demonstrated for many, many years by banks and companies who fund loans for big-ticket items to people who do not put a down payment on the product will quickly see a very large number of the borrowers default within the first one to two years. Anyone who has ever been involved in retail management of big-ticket, retail products learns this when they make the mistake of giving credit to people who can’t afford a down payment.
May 12, 2008 at 11:22 AM in reply to: Nine houses lost, investor reflects on ‘stumbles’: California man speculated with ‘neg-am’ loans, now says it was mistake #202663ParticipantHave no fear. If “Blathering Barney Frank” and his far-left-wing cohorts have their way, this poor homeowner/speculator, will be bailed out of his predicament and all will be right with the world again. Of course, the responsible will once again, be punished and all the taxpayers will wind up paying more into a system that is becoming more socialist every year. The founding fathers are rolling over in their graves.
May 12, 2008 at 11:22 AM in reply to: Nine houses lost, investor reflects on ‘stumbles’: California man speculated with ‘neg-am’ loans, now says it was mistake #202710ParticipantHave no fear. If “Blathering Barney Frank” and his far-left-wing cohorts have their way, this poor homeowner/speculator, will be bailed out of his predicament and all will be right with the world again. Of course, the responsible will once again, be punished and all the taxpayers will wind up paying more into a system that is becoming more socialist every year. The founding fathers are rolling over in their graves.
May 12, 2008 at 11:22 AM in reply to: Nine houses lost, investor reflects on ‘stumbles’: California man speculated with ‘neg-am’ loans, now says it was mistake #202735ParticipantHave no fear. If “Blathering Barney Frank” and his far-left-wing cohorts have their way, this poor homeowner/speculator, will be bailed out of his predicament and all will be right with the world again. Of course, the responsible will once again, be punished and all the taxpayers will wind up paying more into a system that is becoming more socialist every year. The founding fathers are rolling over in their graves.
May 12, 2008 at 11:22 AM in reply to: Nine houses lost, investor reflects on ‘stumbles’: California man speculated with ‘neg-am’ loans, now says it was mistake #202759ParticipantHave no fear. If “Blathering Barney Frank” and his far-left-wing cohorts have their way, this poor homeowner/speculator, will be bailed out of his predicament and all will be right with the world again. Of course, the responsible will once again, be punished and all the taxpayers will wind up paying more into a system that is becoming more socialist every year. The founding fathers are rolling over in their graves.
May 12, 2008 at 11:22 AM in reply to: Nine houses lost, investor reflects on ‘stumbles’: California man speculated with ‘neg-am’ loans, now says it was mistake #202796ParticipantHave no fear. If “Blathering Barney Frank” and his far-left-wing cohorts have their way, this poor homeowner/speculator, will be bailed out of his predicament and all will be right with the world again. Of course, the responsible will once again, be punished and all the taxpayers will wind up paying more into a system that is becoming more socialist every year. The founding fathers are rolling over in their graves.
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