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Old 01-01-2010, 10:25 AM
 
Location: Beautiful East TN!!
7,280 posts, read 21,229,888 times
Reputation: 2785

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Quote:
Originally Posted by Chris Mannino View Post
Blah blah blah! Apply for the THDA grant program. It's made especially for people like you who have a problem getting the down payment money. It's free money up to 4% down payment and it just takes a little longer to close. I have had several closings with this program and it's wonderful. Good luck to you my friend but always be mindful of your budget.
blah, blah blah??? really?
Sorry but I still don't think someone who can not come up with any down payment should be buying a home. Just because there is a loan product out there that this person MIGHT qualify for doesn't mean they should buy a house. OK, so the Gov helped them out with the down payment. Are you as the Realtor going to commit to replacing that water heater when it breaks on him in 2 months? What about the heat pump? The Gov isn't going to and they don't have the money to do so themselves..so what will happen then?
These are the type of loans that got us (country) in the mess we are in this past year and still now as a whole. Why keep pushing them? These loans are ruining peoples lives. Bankruptcy takes years to get through and out the other side. Why chance that just so you can own a house for a short time?
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Old 01-01-2010, 01:34 PM
 
Location: Nashville, TN
1,177 posts, read 4,140,291 times
Reputation: 945
Quote:
Originally Posted by mbmouse View Post
blah, blah blah??? really?
Sorry but I still don't think someone who can not come up with any down payment should be buying a home. Just because there is a loan product out there that this person MIGHT qualify for doesn't mean they should buy a house. OK, so the Gov helped them out with the down payment. Are you as the Realtor going to commit to replacing that water heater when it breaks on him in 2 months? What about the heat pump? The Gov isn't going to and they don't have the money to do so themselves..so what will happen then?
These are the type of loans that got us (country) in the mess we are in this past year and still now as a whole. Why keep pushing them? These loans are ruining peoples lives. Bankruptcy takes years to get through and out the other side. Why chance that just so you can own a house for a short time?
mbmouse, I agree with you 100%. I think some real estate agents do their clients(especially inexperienced/new home buyers) a disservice by not helping educate them about home ownership and the risks involved. Pushing a loan product just because a client may "qualify" doesn't mean the client is ready for home ownership. I had two clients in 2007 who I 'talked out of' buying a house in 2007 because they weren't financially ready, even though they qualified for a no interest ARM. They were both young couples who didn't understand the risks involved in home ownership. Both of them bought a house through me this year when they were financially ready. They were able to afford the downpayment for a low interest conventional loan on houses that were actually about 15% less expensive than two years ago. Both couples are extremely pleased that they waited. They have lowered their risks of home ownership substantially and they better understand the risks.
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Old 01-04-2010, 03:51 PM
 
Location: Nashville, TN
2,865 posts, read 9,335,328 times
Reputation: 693
Quote:
Originally Posted by Tunky View Post
Yikes...the mortgage company sounds like Countrywide and their type.
True!! The same company that gave the Mortgage to the people who bought my house in NJ. They also advised them to bargain down the price after contract.
Guess What? The house is now on the market for less than I sold it for, and Zillow predicts it going down lower. They probably can't afford the mortgage's
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Old 05-15-2012, 02:39 AM
 
2 posts, read 6,934 times
Reputation: 11
My lender told me the same thing today actually. Strange! We are trying to relocate from Central Texas to West Texas and there is a major housing crisis. So the market is moving very quickly. And I was looking for solutions to come up with down payment and closing cost quick. She told me I could get a personal loan from another entity but I needed to have collateral like a car title or you can borrow on investments. Not sure though if the car has to be paid off or not but I've actually been researching what you can borrow against all evening. If you have a 401k or your husband does that can sometimes be borrow from or withdrawn from. But I thought it was strange too. Maybe if you have collateral it doesn't effect your ratios debt/income as much. Hope this helps
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