View Full Version : Don't help existing homeowners!
Newguy07
11-19-2008, 08:25 PM
Help NEW home home owners.
Look the existing home owners bought knowing the terms (alt-a subprime loans)
They know what they could afford or not.
If you want to stimulate the housing help new home owners with a tax credit and cheap mortgage rates.
Any opinions?
My reason for this is to weed out the people that will just walk away from their mortgage when they can afford the home just wanting a bailout. They won't be able to qualify for this stimulas because their credit will be affectted.
Just Dave
11-19-2008, 09:58 PM
I totally agree with you. People that were genuinely misled into crappy loans is a small fraction of the knuckleheads who lied and cheated their way into keeping up with the Jones'
TNathe
11-19-2008, 10:58 PM
umm, the thing that got us into this mess was the rediculously low interest rates in the first place wasn't it?
Newguy07
11-19-2008, 11:34 PM
umm, the thing that got us into this mess was the rediculously low interest rates in the first place wasn't it?
of course not!!! not on a FIXED RATE mortgage that would be a huge bonus if you can lock in a 5.25% 30 year on something YOU CAN AFFORD!!
Just Dave
11-20-2008, 09:12 AM
umm, the thing that got us into this mess was the rediculously low interest rates in the first place wasn't it?
Ultimately no. What got us into this mess was people trying to take advantage of the low interest rates by offering (banks) or accepting (buyers) crazy loan terms that don't make fiscal sense.
The rates are low.
There are tax breaks for owning a home.
Now what?
Newguy07
11-20-2008, 04:16 PM
The rates are low.
There are tax breaks for owning a home.
Now what?
for OWNING a home the interest is tax break.
Give incentives to get buyers that are on the fence in.
TNathe
11-20-2008, 04:48 PM
on the fence? If you want to buy a house you will, if not you'll continue renting. Giving incentives like what? What do you propose they do? I think the only thing keeping people that want to buy from buying is the volatile market. Do you want the gov't to ensure your house wont go down in value? :dunno:
Newguy07
11-20-2008, 04:53 PM
on the fence? If you want to buy a house you will, if not you'll continue renting. Giving incentives like what? What do you propose they do? I think the only thing keeping people that want to buy from buying is the volatile market. Do you want the gov't to ensure your house wont go down in value? :dunno:
The only way you can insure it doesn't go down in value in create demand again. That is where the people on the fence come from.
I mean once it is about the same to own vs renting cost wise and you give some incentive as in a tax break. I believe you will see a lot of demand from renters.
Also, once the rent of a house can cover the mortgage you will see investors also.
TNathe
11-20-2008, 05:03 PM
and are we not seeing this right now? My friend along with his investor are doing two houses per month, buying them and financing them to people, every house he has purchased has been at pre-boom prices and most are under $70,000.00. The prices ARE THERE, the TAX BREAKS ARE THERE, what do you specifically want to see them do? What is your main problem with buying a home now?
Newguy07
11-20-2008, 05:05 PM
and are we not seeing this right now? My friend along with his investor are doing two houses per month, buying them and financing them to people, every house he has purchased has been at pre-boom prices and most are under $70,000.00. The prices ARE THERE, the TAX BREAKS ARE THERE, what do you specifically want to see them do? What is your main problem with buying a home now?
Maybe make that 7500 NON repayable loan.
Maybe make that 7500 NON repayable loan.
Who will pay for that $7500?
Newguy07
11-20-2008, 05:30 PM
Who will pay for that $7500?
TARP
TARP
TARP = Taxpayers Asset Redistribution Program
So I say NO.
Newguy07
11-20-2008, 05:36 PM
TARP = Taxpayers Asset Redistribution Program
So I say NO.
are you serious?
It stands for Troubled Asset Relief Program but it doesn't mean anything really because Paulson said he wasn't doing that anymore.
TNathe
11-20-2008, 05:44 PM
no, are you serious? where does that money come from for TARP, who REALLY funds it?
Newguy, your response to my post says a lot about what you know of where money goes and comes from within the government.
Newguy07
11-21-2008, 04:28 PM
TARP = Taxpayers Asset Redistribution Program
So I say NO.
You have no choice in your NO :lol:
clear
11-21-2008, 05:11 PM
Why not setup a calculator that all Banks/Lenders HAVE to use to see if they qualify for the loan, put in amount they make, all other bills, estimates on light bills etc... If they pass then lend to them if not, deny them. This will fix the problem with people buying houses they cant afford.
Why not setup a calculator that all Banks/Lenders HAVE to use to see if they qualify for the loan, put in amount they make, all other bills, estimates on light bills etc... If they pass then lend to them if not, deny them. This will fix the problem with people buying houses they cant afford.
They have this, it's called the underwriter.
clear
11-21-2008, 11:13 PM
They have this, it's called the underwriter.
lol he needs to be fired, he is doing a shitty job. :gordy:
FLBigDog
11-24-2008, 10:46 AM
They have this, it's called the underwriter.
LOL
I put a contract on my first home a couple weeks ago, I can't wait to get in there.
rainmkr
11-24-2008, 12:51 PM
Barney Frank says everyone is entitled to a house! So buy them up!
are you serious?
It stands for Troubled Asset Relief Program but it doesn't mean anything really because Paulson said he wasn't doing that anymore.
so we're going to take 7500 bucks from the tax payers and distribute it to the tax payers? Its circular math like this that GOT us here.
Queenie
11-25-2008, 02:02 PM
My best friend got suckered into an adjustable rate AFTER she re-financed for the 3rd time in less than 2 years. My thoughts? She fucked herself alone just by refinancing 3 times!
As for us, when we bought our townhome last year (first home-buying experience), we got a FIXED rate at 6.25% and our credit was fair at the time. Granted, we've got about $20-$25K in negative equity right now, but we can still afford to make our monthly payments, which include property tax and insurance...knowing that the payments may go up or down each year depending on the taxes and insurance rates fluctuating. For us, it's still considerably cheaper to own than rent right now...we won't be able to find a decent 2 or 3 bedroom apartment for less than $1000 right now!
My best friend got suckered into an adjustable rate AFTER she re-financed for the 3rd time in less than 2 years. My thoughts? She fucked herself alone just by refinancing 3 times!
As for us, when we bought our townhome last year (first home-buying experience), we got a FIXED rate at 6.25% and our credit was fair at the time. Granted, we've got about $20-$25K in negative equity right now, but we can still afford to make our monthly payments, which include property tax and insurance...knowing that the payments may go up or down each year depending on the taxes and insurance rates fluctuating. For us, it's still considerably cheaper to own than rent right now...we won't be able to find a decent 2 or 3 bedroom apartment for less than $1000 right now!
FYI...
People with Adjustable rates have LOWER interest rates then those with MOST fixed rates.... That's what is so stupid about all this whoo haaa about ARMs....
I have 2 ARMS on 2 separate properties and both of them have lower rates then my other fixed properties....
Thus when I hear someone bitch about "I got sucked into an ARM", I tell them to STFU since they have a lower interest rate then most people with fixed mortgages... If they can't afford the home now then they most definitely screwed themselves by not bothering to read the paperwork...
So F them.
Queenie
11-25-2008, 03:36 PM
^ Interesting to know...but my best friend got screwed because I guess er credit was so shitty that the interest rate went up so she had to pay an additinal $250 per month on her mortgage that she didn't plan for.
But I agree about her not reading the paperwork. We have the same broker and he ALWAYS explains things in black & white. I don't understand why she didn't know what she was getting into. I think she just wanted the extra money to refinance. She's never been smart about shit like that.
clear
11-25-2008, 04:20 PM
<3 my ARM, it cant go up but one point ever 2 years and a max of 5 points all together. Started at 5.25, went to 6.25 and now just had it dropped back to 4.25 :D
We are with a SECU also which is another bonus with lower costs.
^ Interesting to know...but my best friend got screwed because I guess er credit was so shitty that the interest rate went up so she had to pay an additinal $250 per month on her mortgage that she didn't plan for.
It most likely went up because she was getting a REALLY low interest rate of probably around 1-3% and it "adjusted" to market. Which is still BELOW what most people are getting for fixed right now....
Either way, it's all spelled out in the docs pretty clearly...
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