Comments on: Federal Government at Work: New Rules for FHA mortgages. http://www.phoenixrealestateguy.com/federal-government-at-work-let%e2%80%99s-help-people-buy-homes-no-wait-let%e2%80%99s-make-it-harder-new-rules-for-fha-mortgages/ Phoenix Real Estate - Anything & Everything About It. Plus Random Musings... Fri, 10 Feb 2012 03:19:15 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: DP Mortgage Life Ins http://www.phoenixrealestateguy.com/federal-government-at-work-let%e2%80%99s-help-people-buy-homes-no-wait-let%e2%80%99s-make-it-harder-new-rules-for-fha-mortgages/#comment-64159 DP Mortgage Life Ins Thu, 28 Jan 2010 10:11:36 +0000 http://www.phoenixrealestateguy.com/?p=3508#comment-64159 I think there should be way more public say when it comes to billion dollar govt plans. We all know that Politian’s have one eye on their own interests so why not put more initiatives to the public vote, or at least have a more public debate where real people can share their concerns? James .-= DP Mortgage Life Insurance´s last blog ..<a href="http://www.mortgageprotection-insurance.co.uk/mortgage-life-assurance/">Mortgage Life Assurance</a> =-. I think there should be way more public say when it comes to billion dollar govt plans. We all know that Politian’s have one eye on their own interests so why not put more initiatives to the public vote, or at least have a more public debate where real people can share their concerns?

James
.-= DP Mortgage Life Insurance´s last blog ..Mortgage Life Assurance =-.

]]> By: judi http://www.phoenixrealestateguy.com/federal-government-at-work-let%e2%80%99s-help-people-buy-homes-no-wait-let%e2%80%99s-make-it-harder-new-rules-for-fha-mortgages/#comment-62363 judi Fri, 25 Dec 2009 23:48:24 +0000 http://www.phoenixrealestateguy.com/?p=3508#comment-62363 Dean: I disagree with you on the FHA. I paid 2 FHA loans off in the course of my home ownerships. I also paid a hefty PMI. I also paid several conventional loans off. I am not an investor, I just move around the country a lot. So we tax payers made some money on me. Who are YOU to say who should and should not own a home ? Our Loan Shark mortgage brokers and investors are the ones who got us into this mess. Both their greed and influencing consumers to sign Jumbo ARMS (their dreams) that they could not afford after the first year of living in these homes is most definitely what got us into this mess!!! And of course now the investors want to purchase the "FORECLOSURES" and rent them back to the suckers who bought them in the first place and the government still is letting them get away with it and fraudulently claiming the 8,000.00 credit!!!!!!!!! Very very very sad indeed. Mortgages are much less than rentals these days. Most landlords in our area are having to substantially lower rents and offer specials just to keep their properties full. This is not because people are buying homes in our area, but because many who came here have left since they have lost their jobs. Many have retuned to Mexico!!!! Some of our neighborhoods are like ghost towns. Apartment complexes are the same. Where have all the people gone? And yet the investors continue to buy!!!!!!!! Very soon they are going to be lucky to cover their mortgages on these houses.............and cannot look to the near future to sell them even if the FHA makes it more difficult to purchase a home! Dean: I disagree with you on the FHA. I paid 2 FHA loans off in the course of my home ownerships. I also paid a hefty PMI. I also paid several conventional loans off. I am not an investor, I just move around the country a lot. So we tax payers made some money on me. Who are YOU to say who should and should not own a home ? Our Loan Shark mortgage brokers and investors are the ones who got us into this mess. Both their greed and influencing consumers to sign Jumbo ARMS (their dreams) that they could not afford after the first year of living in these homes is most definitely what got us into this mess!!! And of course now the investors want to purchase the "FORECLOSURES" and rent them back to the suckers who bought them in the first place and the government still is letting them get away with it and fraudulently claiming the 8,000.00 credit!!!!!!!!! Very very very sad indeed.

Mortgages are much less than rentals these days. Most landlords in our area are having to substantially lower rents and offer specials just to keep their properties full. This is not because people are buying homes in our area, but because many who came here have left since they have lost their jobs. Many have retuned to Mexico!!!! Some of our neighborhoods are like ghost towns. Apartment complexes are the same. Where have all the people gone? And yet the investors continue to buy!!!!!!!! Very soon they are going to be lucky to cover their mortgages on these houses………….and cannot look to the near future to sell them even if the FHA makes it more difficult to purchase a home!

]]> By: Jay Thompson http://www.phoenixrealestateguy.com/federal-government-at-work-let%e2%80%99s-help-people-buy-homes-no-wait-let%e2%80%99s-make-it-harder-new-rules-for-fha-mortgages/#comment-61795 Jay Thompson Thu, 17 Dec 2009 00:26:50 +0000 http://www.phoenixrealestateguy.com/?p=3508#comment-61795 I'm working on that RESPA change post at this very moment Brenda! I'm working on that RESPA change post at this very moment Brenda!

]]> By: Brenda White http://www.phoenixrealestateguy.com/federal-government-at-work-let%e2%80%99s-help-people-buy-homes-no-wait-let%e2%80%99s-make-it-harder-new-rules-for-fha-mortgages/#comment-61790 Brenda White Wed, 16 Dec 2009 20:15:54 +0000 http://www.phoenixrealestateguy.com/?p=3508#comment-61790 My take on the 'proposed' changes to FHA is a progression toward buyers having more of a vested interest in what their purchasing. Although, this will make conventional financing a contender once again. I'd like to see the apples-to-apples comparison between the two once these changes are finalized. Great site, Jay! I'm waiting to hear what you have to say about these new RESPA changes effective Jan 1st. What say you? My take on the 'proposed' changes to FHA is a progression toward buyers having more of a vested interest in what their purchasing. Although, this will make conventional financing a contender once again. I'd like to see the apples-to-apples comparison between the two once these changes are finalized.

Great site, Jay! I'm waiting to hear what you have to say about these new RESPA changes effective Jan 1st. What say you?

]]> By: Changes coming to FHA loans - How will Charlottesville Buyers be affected? | Real Central VA http://www.phoenixrealestateguy.com/federal-government-at-work-let%e2%80%99s-help-people-buy-homes-no-wait-let%e2%80%99s-make-it-harder-new-rules-for-fha-mortgages/#comment-61647 Changes coming to FHA loans - How will Charlottesville Buyers be affected? | Real Central VA Mon, 14 Dec 2009 12:45:03 +0000 http://www.phoenixrealestateguy.com/?p=3508#comment-61647 [...] Jay, the Phoenix Real Estate Guy has more. [...] [...] Jay, the Phoenix Real Estate Guy has more. [...]

]]> By: Jay Thompson http://www.phoenixrealestateguy.com/federal-government-at-work-let%e2%80%99s-help-people-buy-homes-no-wait-let%e2%80%99s-make-it-harder-new-rules-for-fha-mortgages/#comment-61506 Jay Thompson Thu, 10 Dec 2009 23:28:26 +0000 http://www.phoenixrealestateguy.com/?p=3508#comment-61506 Dr. McMillen - I appreciate your comment! I didn't do a very good job of making my point here... I was trying to point out the hypocrisy of passing one law that (arguably) helps the housing market and another that (arguably again) hurts it. This is the primary reason I wish the government would just step out of the way and quit mucking around in a free market. I'm inclined to agree that the tighter FHA regs are good. It was lax lending practices and WAY too many "no money down" mortgages that helped get us into this mess. Buying a home is a privilege that has to be earned, it's not a right. And this coming from a real estate broker! Dr. McMillen –

I appreciate your comment! I didn't do a very good job of making my point here… I was trying to point out the hypocrisy of passing one law that (arguably) helps the housing market and another that (arguably again) hurts it. This is the primary reason I wish the government would just step out of the way and quit mucking around in a free market.

I'm inclined to agree that the tighter FHA regs are good. It was lax lending practices and WAY too many "no money down" mortgages that helped get us into this mess.

Buying a home is a privilege that has to be earned, it's not a right. And this coming from a real estate broker!

]]> By: Real Scottsdale Real http://www.phoenixrealestateguy.com/federal-government-at-work-let%e2%80%99s-help-people-buy-homes-no-wait-let%e2%80%99s-make-it-harder-new-rules-for-fha-mortgages/#comment-61482 Real Scottsdale Real Thu, 10 Dec 2009 13:52:17 +0000 http://www.phoenixrealestateguy.com/?p=3508#comment-61482 Great post and I like the updates to the site Jay! Great post and I like the updates to the site Jay!

]]> By: Jacci Anders - Austi http://www.phoenixrealestateguy.com/federal-government-at-work-let%e2%80%99s-help-people-buy-homes-no-wait-let%e2%80%99s-make-it-harder-new-rules-for-fha-mortgages/#comment-61468 Jacci Anders - Austi Thu, 10 Dec 2009 00:58:21 +0000 http://www.phoenixrealestateguy.com/?p=3508#comment-61468 With all political views aside, I think they have no idea what they are doing. It would be like giving an animal a piece of bread and then trying to kick the animal when it's eating. Oh lets help the housing market by ext. the tax credit but by the way good luck getting qualified. With all political views aside, I think they have no idea what they are doing. It would be like giving an animal a piece of bread and then trying to kick the animal when it's eating. Oh lets help the housing market by ext. the tax credit but by the way good luck getting qualified.

]]> By: Dr. John McMillen http://www.phoenixrealestateguy.com/federal-government-at-work-let%e2%80%99s-help-people-buy-homes-no-wait-let%e2%80%99s-make-it-harder-new-rules-for-fha-mortgages/#comment-61465 Dr. John McMillen Wed, 09 Dec 2009 23:45:58 +0000 http://www.phoenixrealestateguy.com/?p=3508#comment-61465 Jay, I have to completely disagree with you on this one. Realtors need to get their hands out of their pockets for once and think big picture. If a person can't afford a home they have no business buying one. I'm all for helping people get into homes! But not if they can't make the payments. If you can't "scrape" together 5% then how in the world can you do the upkeep and have anything left over in case "life happens"? We all need to stop living paycheck to paycheck and start paying our way as we go. And this is coming from a democrat! John Jay,

I have to completely disagree with you on this one. Realtors need to get their hands out of their pockets for once and think big picture. If a person can't afford a home they have no business buying one. I'm all for helping people get into homes! But not if they can't make the payments. If you can't "scrape" together 5% then how in the world can you do the upkeep and have anything left over in case "life happens"? We all need to stop living paycheck to paycheck and start paying our way as we go. And this is coming from a democrat!

John

]]> By: Stephen http://www.phoenixrealestateguy.com/federal-government-at-work-let%e2%80%99s-help-people-buy-homes-no-wait-let%e2%80%99s-make-it-harder-new-rules-for-fha-mortgages/#comment-61421 Stephen Tue, 08 Dec 2009 19:40:59 +0000 http://www.phoenixrealestateguy.com/?p=3508#comment-61421 I was looking at the original vote for passage on the bill from September. Vote #722. <a href="http://www.govtrack.us/congress/vote.xpd?vote=h2009-722">http://www.govtrack.us/congress/vote.xpd?vote=h20...</a> To be fair to Garrett & the rest, there were several things wrapped up in that bill. I can't really tell whether or not their votes were strictly about the tax credit or about extending unemployment benefits or anything else in the bill. I'm not really defending Garrett's bill, but there are worse ideas than wanting people to shoulder a little more risk in a market where a house can easily go upside-down on a mortgage. Personally, I think the FHA is supposed to be there to assist people to buy a home. Helping people get into house, especially when they are as affordable as they are right now, is probably the better course of action. The 5% down limit should have been put in 6-7 years ago when housing prices started going crazy as a way to reduce demand and stabilize prices. I was looking at the original vote for passage on the bill from September. Vote #722.
http://www.govtrack.us/congress/vote.xpd?vote=h20…

To be fair to Garrett & the rest, there were several things wrapped up in that bill. I can't really tell whether or not their votes were strictly about the tax credit or about extending unemployment benefits or anything else in the bill.

I'm not really defending Garrett's bill, but there are worse ideas than wanting people to shoulder a little more risk in a market where a house can easily go upside-down on a mortgage.

Personally, I think the FHA is supposed to be there to assist people to buy a home. Helping people get into house, especially when they are as affordable as they are right now, is probably the better course of action. The 5% down limit should have been put in 6-7 years ago when housing prices started going crazy as a way to reduce demand and stabilize prices.

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