Did anyone hear.....

[Digi Snax]

About some type of $7,500 credit from the goverment for new home buyers.????

[1lowtacoma]

About some type of $7,500 credit from the goverment for new home buyers.????

intrsted? where are these facts coming from?

[Digi Snax]

intrsted? where are these facts coming from?

I heard someone talking about it yesterday, and then heard it on the radio this morning. I guess they'r doing it because of the low housing market.

[jonnymos]

What's new about "free" money for new home buyers? My friend bought a house in Dec and got a 10,000 grant towards closing which only cost him 6,000 + taxes/fees and then they applied the rest to HOA for the next few months.

[91DA9]

Yes, this is true. It's a new bill that's either been passed, or is being voted on, not really sure. New home buyers would get a refund of 10% of the sale price on their new home, up to $7500.

[Digi Snax]

now is this some type of loan were u end up paying it back in ur taxes??

[Jstarda9]

^^i havent heard of this and i work in mortgage.... the bill that was passed was to help struggling homeowner get into more affordable loans...even if you're upside down

[jonnymos]

The mass majority of people don't know anything about home loans. Which is one of the reasons for most of the foreclosures that are happening. People see the incentives offerred (such as this type of "free" money) to get into a home and focus mainly on that and not the details.

Example: a lady I know foreclosed on her home because when she was filling out the paper work she didn't read it and the company had changed to type of loan from a fixed rate to an ARM loan. Well after a year her interest shot up along with the payment equalling foreclosure.

More incentives means more people buying houses which could end up being really good for the economy or making it worse (more foreclosures). I don't know shiz though lol Im just rambling

[Digi Snax]

well, Im interested but I know nothing about home loans, and I dont wanna get fucked in the end. but my apt lease is up in Dec. so since the market is low i would think its a good time to buy a house for cheap before they skyrocket in the next couple of months or year.

[Jstarda9]

The mass majority of people don't know anything about home loans. Which is one of the reasons for most of the foreclosures that are happening. People see the incentives offerred (such as this type of "free" money) to get into a home and focus mainly on that and not the details.

Example: a lady I know foreclosed on her home because when she was filling out the paper work she didn't read it and the company had changed to type of loan from a fixed rate to an ARM loan. Well after a year her interest shot up along with the payment equalling foreclosure.

More incentives means more people buying houses which could end up being really good for the economy or making it worse (more foreclosures). I don't know shiz though lol Im just rambling

it's true though...people got into home that they would not be able to afford once the ARM adjusted... the shitty part is that the stock market/economy is fueled by mortgage and the reason the market went to shit is because of foreclosures..the funny part is that i know hundreds of people that are just letting their homes go because they can buy a cheaper home elsewhere "buy and bail" its not that everyone cannot afford their home anymore its that alot of people just dont want to bother with something they are upside down with therefore making the economy worse

[Jstarda9]

well, Im interested but I know nothing about home loans, and I dont wanna get fucked in the end. but my apt lease is up in Dec. so since the market is low i would think its a good time to buy a house for cheap before they skyrocket in the next couple of months or year.

if you have any questions just pm me...ive been working mortgage for almost 4 years

[jonnymos]

Take your time looking into different loan programs and definetly ask about any first time home buyers (assuming its your first) grants. Most I know of can only be applied for within like 45 days of closing on the house because there are ALWAYS different amounts offered by the gov't. Don't jump into anything, take your time and read everything.

[jonnymos]

it's true though...people got into home that they would not be able to afford once the ARM adjusted... the shitty part is that the stock market/economy is fueled by mortgage and the reason the market went to shit is because of foreclosures..the funny part is that i know hundreds of people that are just letting their homes go because they can buy a cheaper home elsewhere "buy and bail" its not that everyone cannot afford their home anymore its that alot of people just dont want to bother with something they are upside down with therefore making the economy worse

Exactly! Is this the previously known CU@9k?

[Digi Snax]

if you have any questions just pm me...ive been working mortgage for almost 4 years

cool man I sure will. I just gotta see were I stand financially to see what I can afford.

[Digi Snax]

in ur opinion would it be cheaper for foreclosed home??? is it better on the long run???

[jonnymos]

Didn't they eliminate any 0 down types of loans? or something like that...?

[jonnymos]

in ur opinion would it be cheaper for foreclosed home??? is it better on the long run???

I know Alot of people getting really good deals on foreclosed homes! The banks dont want to hang onto them so they offer it at a fraction of the original price. Check into them!

[Digi Snax]

I know Alot of people getting really good deals on foreclosed homes! The banks dont want to hang onto them so they offer it at a fraction of the original price. Check into them!

were can I get a listing for foreclosed homes?

[LiLinsane]

Hmm., what is of this grant?

[jonnymos]

:thumbsup:

[DVS]

it's true though...people got into home that they would not be able to afford once the ARM adjusted... the shitty part is that the stock market/economy is fueled by mortgage and the reason the market went to shit is because of foreclosures..the funny part is that i know hundreds of people that are just letting their homes go because they can buy a cheaper home elsewhere "buy and bail" its not that everyone cannot afford their home anymore its that alot of people just dont want to bother with something they are upside down with therefore making the economy worse

This is true i have a family friend that is upside down about 100k in queen creek. He plans on buying a home closer to the valley and letting his property in queen creek go into forclosure!

[Jstarda9]

This is true i have a family friend that is upside down about 100k in queen creek. He plans on buying a home closer to the valley and letting his property in queen creek go into forclosure!

i am $180,000 upside down in my home in queen creek....i love my house too much to just bail though

[Jstarda9]

Exactly! Is this the previously known CU@9k?

yup that would be me
Didn't they eliminate any 0 down types of loans? or something like that...?

very very few lenders still do that

were can I get a listing for foreclosed homes?


get a new build...go FHA and you can go up to 97% so that means only 3% down...they have the best rates right now

[Digi Snax]

^^^^^ CU@9K..... I thought u were a cop. u do morgages on the side ???

[Jstarda9]

^^^^^ CU@9K..... I thought u were a cop. u do morgages on the side ???

i work mortgage full time

[usdm420]

if you have any questions just pm me...ive been working mortgage for almost 4 years

You've been in it for 4 years and haven't heard of this bill? One of my coworkers is buying a house right now and he said it's a tax credit that will be given to you come tax time. So come tax time, you get your usual refund + the bonus for being a home buyer.

It still needs to be passed by GW, but everyone else has signed and passed it so far.

[SINGLESLAMMERSI]

anything the government gives u is not free the government is always taken ur money and shi* f*** them:idiot:

[Jstarda9]

You've been in it for 4 years and haven't heard of this bill? One of my coworkers is buying a house right now and he said it's a tax credit that will be given to you come tax time. So come tax time, you get your usual refund + the bonus for being a home buyer.

It still needs to be passed by GW, but everyone else has signed and passed it so far.

no i have not heard of this bill... i dont work FHA so i dont really keep in the loop...i did just read up on it and it is correct about the tax credit

http://www.courant.com/business/hc-mortgage0729.artjul29,0,5538506.story?page=2

reguardless you have always gotten a credit though...when i bought my house and filed my taxesthe next year i got about $4500 back for just my home..

[usdm420]

Word....but this is not exactly a 'credit' in the usual sense....this is a completely seperate check new homeowners will receive on top of their tax returns.

[Jstarda9]

Word....but this is not exactly a 'credit' in the usual sense....this is a completely seperate check new homeowners will receive on top of their tax returns. well that's a great thing then... it will give people money to save (hopefully)

[jonnymos]

anything the government gives u is not free the government is always taken ur money and shi* f*** them:idiot:

Well this post was well thought out. About as much as this bike... But I understand why this is such an intelligent post from your sig.

[96SupraTT]

i am $180,000 upside down in my home in queen creek....i love my house too much to just bail though

You're 180K upside down and you're giving people mortgage advice? Many of my co-workers saw this collapse coming, why didn't you?

To be honest, buying a house is SIMPLE. Trying to stretch yourself into owning a house is the complicated part.

Find out what kind of home and price range you want to live in. Say it's a normal 200K house right now. (anyone that tells you you can't find a nice home for 200K right now is absolutely full of fucking shit btw)

So 200,000 + 5,000 for closing costs. So we're sitting at 205,000. 20% of that is 41,000. This is what you need to bring to the table CASH MONEY.. You're now sitting on a 164,000 mortgage with a nice payment and a SECURE investment. Do you now understand why a lot of people didn't own a home back in the 80's? It's not a simple matter. It BECAME a simple matter when people went credit-crazy and bought a house they couldn't afford.

If you wanna buy into other loan officer's bullshit be my guest. But that is a 100% no-bullshit assessment of being able to own a home. Keep in mind you're gonna wanna stash away extra for property taxes and whatever type of homeowners insurance you'd like to have.

[91DA9]

^^i havent heard of this and i work in mortgage.... the bill that was passed was to help struggling homeowner get into more affordable loans...even if you're upside down

It was supposed to be one of the addendums on that same bill.

[96SupraTT]

As far as the mortgage crisis is concerned, a reapplication should be done. If you own a single residence and it's your primary residence then under certain circumstances (i.e. you obviously didn't inflate your income or inflated your appraisals or anything like that) then you can get refi'd at a better rate that's fixed. But to joe schmoe that decided he was gonna start flippin houses, kiss my ass you can burn. Declare bankruptcy and forfeit your assets.

[4g94 girl]

Didn't they eliminate any 0 down types of loans? or something like that...?

Its typically not a 0 down loan. Its usually when you have the seller put your down payment for you its called the ameridream program, but there is a bill to get rid of this. So its not gone yet.

[Heist]

now is this some type of loan were u end up paying it back in ur taxes??

Its a grant, I've heard of it aswell it's to boost housing market.

[Jstarda9]

You're 180K upside down and you're giving people mortgage advice? Many of my co-workers saw this collapse coming, why didn't you?

To be honest, buying a house is SIMPLE. Trying to stretch yourself into owning a house is the complicated part.

Find out what kind of home and price range you want to live in. Say it's a normal 200K house right now. (anyone that tells you you can't find a nice home for 200K right now is absolutely full of fucking shit btw)

So 200,000 + 5,000 for closing costs. So we're sitting at 205,000. 20% of that is 41,000. This is what you need to bring to the table CASH MONEY.. You're now sitting on a 164,000 mortgage with a nice payment and a SECURE investment. Do you now understand why a lot of people didn't own a home back in the 80's? It's not a simple matter. It BECAME a simple matter when people went credit-crazy and bought a house they couldn't afford.

If you wanna buy into other loan officer's bullshit be my guest. But that is a 100% no-bullshit assessment of being able to own a home. Keep in mind you're gonna wanna stash away extra for property taxes and whatever type of homeowners insurance you'd like to have.

im giving people advice because i work in mortgage....i bought my house with $120,000 in equity...also i already knew that my house was going to lose value that is the reason i didnt get an ARM...it doesnt affect me because i CAN actually afford my mortgage...

[jägermeister]

I'm actually looking at a few homes that are selling rediculously low. They are in need of some work but they are selling at practically half the cost of the average home in the area. I can get all my Tios and Primos to hook it up with repairs and shit :)

[96SupraTT]

im giving people advice because i work in mortgage....i bought my house with $120,000 in equity...also i already knew that my house was going to lose value that is the reason i didnt get an ARM...it doesnt affect me because i CAN actually afford my mortgage...

We are having this mortgage crisis because of inflated CREDIT.

I'm sorry, if you make 40-50K a year and don't have jack to put down on a 300K house, you're NOT GETTING ONE.

Problem is we have people like above that will bust his ass to squeeze ineligible people into dangerous loans that only get fucked (bear stearns hedge funds anybody?) in the end.

You want the market to correct? Stop giving people money when it's obvious they're in over their heads.

I know a lot of you guys want to get into owning a home and I understand where you are coming from. But it is SOOOOO dangerous to get into these types of loans. Half the officers you talk to are going to say the exact opposite because they are DESPERATE right now. They will tell you ANYTHING and do ANYTHING to push a sale through. The market needs to be given time to self-correct and stabilize.

These grant programs you speak of to boost the housing market are band-aids on a broken arm. Same with the stimulus check. People need to slow down, and some people are going to get burned. That is the consequence of their actions. If it were absoltuely possible, I'd let all the large banks burn right with them.

[96SupraTT]

I'm actually looking at a few homes that are selling rediculously low. They are in need of some work but they are selling at practically half the cost of the average home in the area. I can get all my Tios and Primos to hook it up with repairs and shit :)

My only real advice is that if you're absolutely ready, ask your realtor to only look at homes that have been on the market longer than 90 days, and when you offer, cut them low. Offer 30K under their asking price. Check your closing costs to ensure your loan officer isn't raping you on costs, and then sign and enjoy your home. I would still suggest having 20% down as these are actual real world prices you can get for homes (not the 2004 over-inflated prices).

[Jstarda9]

We are having this mortgage crisis because of inflated CREDIT.

I'm sorry, if you make 40-50K a year and don't have jack to put down on a 300K house, you're NOT GETTING ONE.

Problem is we have people like above that will bust his ass to squeeze ineligible people into dangerous loans that only get fucked (bear stearns hedge funds anybody?) in the end.

You want the market to correct? Stop giving people money when it's obvious they're in over their heads.

I know a lot of you guys want to get into owning a home and I understand where you are coming from. But it is SOOOOO dangerous to get into these types of loans. Half the officers you talk to are going to say the exact opposite because they are DESPERATE right now. They will tell you ANYTHING and do ANYTHING to push a sale through. The market needs to be given time to self-correct and stabilize.

These grant programs you speak of to boost the housing market are band-aids on a broken arm. Same with the stimulus check. People need to slow down, and some people are going to get burned. That is the consequence of their actions. If it were absoltuely possible, I'd let all the large banks burn right with them.

what do you mean by your post above in red?

[azsol]

I've been looking at buying a home for the past 6 months and the market is just crazy now. I'm a would be 1st time homeowner. According to my loan officer though, this bill is cutting off the use of gift funds, or down payment assistance programs for first time buyers. That all stops in Oct this year.

[jägermeister]

My only real advice is that if you're absolutely ready, ask your realtor to only look at homes that have been on the market longer than 90 days, and when you offer, cut them low. Offer 30K under their asking price. Check your closing costs to ensure your loan officer isn't raping you on costs, and then sign and enjoy your home. I would still suggest having 20% down as these are actual real world prices you can get for homes (not the 2004 over-inflated prices).

Well I would get employee pricing on loans so I pay no closing costs. The average home price in the area is $160-200k, the homes I am looking at are priced at about $77k not sure the history on the homes (foreclosure, eviction, etc.) but from the looks of them they just need some upgrading. Working at a bank has its advantages, not just on discounts but on the training/education provided. I've been waiting for a while now and this looks like a great opportunity as I am going into it easily with $70-80k in gifted equity.

[Digi Snax]

Well I would get employee pricing on loans so I pay no closing costs. The average home price in the area is $160-200k, the homes I am looking at are priced at about $77k not sure the history on the homes (foreclosure, eviction, etc.) but from the looks of them they just need some upgrading. Working at a bank has its advantages, not just on discounts but on the training/education provided. I've been waiting for a while now and this looks like a great opportunity as I am going into it easily with $70-80k in gifted equity.

I think those would be the best ones to look at. If u look online theres a shit load of houses under 100k. most of them are a little beat up thou and the neighborhood isnt great either.

[MrRline2010]

haven't heard of this, but will look into it since i'm just having my house finished up now.

[Jstarda9]

haven't heard of this, but will look into it since i'm just having my house finished up now.



you ended up buying a house? good stuff

[MrRline2010]

you ended up buying a house? good stuff

yeah I put a post about it months ago. Finishes up here in October. The slab is already poured and my framing is going up right now. Hell of a deal 142,000

oh and 30 year fixed rate :D

[jägermeister]

I think those would be the best ones to look at. If u look online theres a shit load of houses under 100k. most of them are a little beat up thou and the neighborhood isnt great either.

Yea I grew up on this side of town and the neighborhood isnt bad at all. Sad to say but it's a matter of taking advantage and benefiting from the financial misfortunes of others lol

[Jstarda9]

yeah I put a post about it months ago. Finishes up here in October. The slab is already poured and my framing is going up right now. Hell of a deal 142,000

oh and 30 year fixed rate :D

thats good bud...im glad you got a fixed loan

Yea I grew up on this side of town and the neighborhood isnt bad at all. Sad to say but it's a matter of taking advantage and benefiting from the financial misfortunes of others lol

im scared of the Av3S

[MrRline2010]

We are having this mortgage crisis because of inflated CREDIT.

I'm sorry, if you make 40-50K a year and don't have jack to put down on a 300K house, you're NOT GETTING ONE.

Problem is we have people like above that will bust his ass to squeeze ineligible people into dangerous loans that only get fucked (bear stearns hedge funds anybody?) in the end.

You want the market to correct? Stop giving people money when it's obvious they're in over their heads.

I know a lot of you guys want to get into owning a home and I understand where you are coming from. But it is SOOOOO dangerous to get into these types of loans. Half the officers you talk to are going to say the exact opposite because they are DESPERATE right now. They will tell you ANYTHING and do ANYTHING to push a sale through. The market needs to be given time to self-correct and stabilize.

These grant programs you speak of to boost the housing market are band-aids on a broken arm. Same with the stimulus check. People need to slow down, and some people are going to get burned. That is the consequence of their actions. If it were absoltuely possible, I'd let all the large banks burn right with them.


oh and I totally have to lol at this.

[Digi Snax]

yeah I put a post about it months ago. Finishes up here in October. The slab is already poured and my framing is going up right now. Hell of a deal 142,000

oh and 30 year fixed rate :D

what part of town???

[jägermeister]

im scared of the Av3S

It's not so bad, as long as you're in by sunset jk lol

I grew up and went to school within a 5 mile radius so I'm used to it and like it here. It's in the northwest/central valley so it's not bad. Plus the backyard opens up to a huge park

[MrRline2010]

what part of town???

west valley

[96SupraTT]

what do you mean by your post above in red?

People I mentioned in my previous posts that will do anything to push a sale through. You're in the industry you should know the type.

[Jstarda9]

People I mentioned in my previous posts that will do anything to push a sale through. You're in the industry you should know the type.

ok good..i thought you were talking about me because i am NOT a loan officer...whenevr they send me garbage BS files i send them right back to them...ive meet so many people that have been screwed over by mortgage that i will never fuck someone over when im in the mix.... i wouldn't be able to sleep at night knowing i might ruin someones life

[MrRline2010]

it's actually getting bad enough now to where people are threatening mortgage bankers at banks and so on. Actually kindda crazy. Honestly though I don't really have a compassionate feeling in my body, to anybody who bought into the idea of an arm, or bought into a house they couldn't afford. I researched for a long long time and when the time came I knew what I could afford even if someone told me something else. People were lazy and this is the aftermath. I'm not however saying that crooked mortgage companies, weren't a part of it, but at the same time a little time and research could of went a long way.

[96SupraTT]

P.S. For anybody who's about to buy a house, for god's sake. READ ALL THE DOCUMENTS. I don't care if you have to sit there in front of the dude and make him wait. You read that shit left to right front to back and upside down.

[OhDang]

i saw this on the news today and there was some guy saying its fucking him over hard:pissed:

[KrenzyRyan]

Sorry for the bump, but has anyone heard any more info on this dealio?

I'm getting a house in the next 3 months, I'm pre approved and ready to go. My realtor has set up a bunch of houses in the Gilbert, Mesa, QC area... So now I just need to decide...


So any more info would be great! But so far, it sounds like BS to me.