Thanks a lot Leman Brothers

[coronet340]

As we begin the new year, the wife and I are starting our home buying experience. Talked to a mortgage broker - ugh. Up front we have to pay 15 months of mortgage insurance on top of all the other crap. And with Texas being the great state it is, home buying in our price range is crazy competitive, i.e. close to asking price and not a whole lot on the back end.

So thanks a lot to all those crooks that gave everybody with a swinging ... a loan. Now I get to pay for it on the back end. If rent wasn't so dang high here I would keep saving and avoid the PMI.

 

[patrick66]

Always remember that that "give everybody a home loan" was part of the Dodd-Frank bill, passed in the late '90s. The gov't required the lenders to give sub-standard loans, or the banks would lose in a big way. This was a direct cause of the Crash of 2008.

And, it's "Lehman" Brothers, BTW.

 

[NJRR]

Patrick- I think you meant the Community Reinvestment Act of 1977, which forced banks to give loans to unqualified buyers in minority communities. Dodd-Frank was passed in 2010 and was meant to address the financial institutions' problems, but just made things worse.

Always remember that that "give everybody a home loan" was part of the Dodd-Frank bill, passed in the late '90s. The gov't required the lenders to give sub-standard loans, or the banks would lose in a big way. This was a direct cause of the Crash of 2008.

And, it's "Lehman" Brothers, BTW.

 

[coronet340]

Always remember that that "give everybody a home loan" was part of the Dodd-Frank bill, passed in the late '90s. The gov't required the lenders to give sub-standard loans, or the banks would lose in a big way. This was a direct cause of the Crash of 2008.

And, it's "Lehman" Brothers, BTW.

They don't deserve the H.

And wait a few more years - the new housing crash is coming AKA the student loan crisis that is looming. $1 trillion and counting.

 

[patrick66]

Patrick- I think you meant the Community Reinvestment Act of 1977, which forced banks to give loans to unqualified buyers in minority communities. Dodd-Frank was passed in 2010 and was meant to address the financial institutions' problems, but just made things worse.

You're right, I stand corrected. Both laws have done a great deal of damage, without a doubt.

 

[steve from staten island]

I thought mortgages were at a all time low

 

[Photon440]

Just be glad you're not shopping in my area. Low mortgages or not, I couldn't afford to start over around here. Glad mine's all paid for.
http://www.cbc.ca/news/business/greater-vancouver-detached-homes-now-average-over-1m-1.2891167

 

[steve from staten island]

Just be glad you're not shopping in my area. Low mortgages or not, I couldn't afford to start over around here. Glad mine's all paid for.
http://www.cbc.ca/news/business/greater-vancouver-detached-homes-now-average-over-1m-1.2891167

Exactly! Don't know how these young homebuyers swing it

 

[YY1]

Interest rates are at an all time low, but...

Institutional investors are buying up all the available properties faster than they can get to market, sometimes paying at or above asking price.
This is driving prices up and shutting out "owner occupied" buyers.

Coupled with that is qualifying for a mortgage is now a lot harder. If you don't have that 20% down and/or a nearly perfect credit score, it gets even harder still.

Last year (2013) 1200 sq/ft 3/2 houses built between 1998 and 2002 in my wife's old neighborhood were going for 55-80K, this year (2014) they are 90-115K.
Of the last six listed, four were bought by REIT holding co's and have sat vacant for six months, two with "for rent" signs.

One HUD home was bought (out from under us) by a professional flipping firm for $65K, and flipped in three months for 109K.

 

[Roger63]

From what I'm hearing Freddie and Fannie are gonna be back at it soon

 

[Rick62]

I have a credit score of more than 800. I don't owe anyone a dime. I was recently turned down for a mortgage. The reason I was given by the bank is that there were too many large deposits in my bank accounts. I thought depositing money in the bank was a good thing. My son is a mortgage broker. He tells me Dodd/Frank regulations have made it nearly impossible for normal people to get a mortgage. Oh yeah, I forgot, I had enough money on deposit in my checking account to pay cash for the house but still couldn't borrow a dime. Your government at work!

 

[Richard Cranium]

Who cares about your dumb mortgage; you have to look on the bright side, if the dear leader gets his way, everyone will be entitled to a free college education. YIPEE!!!



http://abcnews.go.com/Politics/obamas-free-community-college-idea-hard-sell/story?id=28099664

 

[steve from staten island]

If you can't afford Community college,id suggest getting a job. Its cheap enough and if one cant pay for that then TFB. Two more years of this guy,it cant come soon enough. I will say this forget the college and how bout starting some more night schools that teach trades.

 

[Darius]

a free college education. YIPEE!!!

I would MUCH rather see my taxes go toward educating our population instead of handing UNEDUCATED people a free lunch on a silver platter off of MY back!
There is a lot more to this statement but this isn't the place for it.

I have LOST jobs because of the ridiculous lending regulations stemming from the "crash". Clients with means not being able to get equity loans simply because there were no sales in their neighborhood (comps) to use as a valuation (appraisal) process?????
The Gov't has succeeded in thwarting an economic recovery by regulating citizens ability to SPEND MONEY!!!! WTF????

 

[Cranky]

As we begin the new year, the wife and I are starting our home buying experience. Talked to a mortgage broker - ugh. Up front we have to pay 15 months of mortgage insurance on top of all the other crap. And with Texas being the great state it is, home buying in our price range is crazy competitive, i.e. close to asking price and not a whole lot on the back end.

So thanks a lot to all those crooks that gave everybody with a swinging ... a loan. Now I get to pay for it on the back end. If rent wasn't so dang high here I would keep saving and avoid the PMI.

How bout owner financed? Been years since doing anything in real estate so I don't know what the rules are but have been thinking of owner financing my home when I move. Just got to get the wife to move with out when I do lol. Can't remember what part of Texas you're in tho. I'm just ESE of Houston near Galveston Bay.

I thought mortgages were at a all time low

They are but qualify for one is the trick.

I have a credit score of more than 800. I don't owe anyone a dime. I was recently turned down for a mortgage. The reason I was given by the bank is that there were too many large deposits in my bank accounts. I thought depositing money in the bank was a good thing. My son is a mortgage broker. He tells me Dodd/Frank regulations have made it nearly impossible for normal people to get a mortgage. Oh yeah, I forgot, I had enough money on deposit in my checking account to pay cash for the house but still couldn't borrow a dime. Your government at work!

You should try and get a loan when you're retired!! My credit score is up there too but when I tried to just get another credit card, I had to get on the net and show them what my IRA's were worth. Btw, having a ton of money in a checking account is never a good thing from what I understand.....

 

[coronet340]

Exactly! Don't know how these young homebuyers swing it

It's not easy. I'm blessed with a decent paying job and smart enough to not have two car payments, credit cards, and student loans.

- - - Updated - - -

Who cares about your dumb mortgage; you have to look on the bright side, if the dear leader gets his way, everyone will be entitled to a free college education. YIPEE!!!



http://abcnews.go.com/Politics/obamas-free-community-college-idea-hard-sell/story?id=28099664

Why is educating people a bad thing? We already pay for k-12, what's two more years?

- - - Updated - - -

How bout owner financed? Been years since doing anything in real estate so I don't know what the rules are but have been thinking of owner financing my home when I move. Just got to get the wife to move with out when I do lol. Can't remember what part of Texas you're in tho. I'm just ESE of Houston near Galveston Bay.

They are but qualify for one is the trick.

3 hours west, in San Antonio. We are keeping our eye out for those but they are few and far between these days.

I qualify, but I'm dragging out the last $4k in debt I owe just to keep my credit score up. How much sense does it make that being debt free will cause my interest rate to go up? seriously.

 

[khryslerkid]

I'm feeling your pain!
Three yrs ago, I had to sell my last place and relocate. Bad credit, I was approved for a FHA thirty yr loan on a reasonably priced home. The mortgage insurance was the kicker. Wow it's expensive and mandatory and has to come out of the escrow for the first ten years. My escrow is thirty plus dollars more than my actual payment! Who ever heard of such a thing, but all I can say is, it's all about survival now days. Paying rent on a place like I have would be a lot more. No such thing as the American Dream anymore and I really sympathise with the younger generation trying to get started in such a world that we live in today...

 

[labordan]

wow, who would have thought that you could get a financial lesson in real estate at a place like b-body only .com!
I've owned my own place since 1988 but with all the repairs and property taxes I wonder if I haven't been spinning my wheels.
I'm just looking for a dual snorkel air breather for my big block 400 without having to get a loan!!!! haha

 

[Cranky]

wow, who would have thought that you could get a financial lesson in real estate at a place like b-body only .com!
I've owned my own place since 1988 but with all the repairs and property taxes I wonder if I haven't been spinning my wheels.
I'm just looking for a dual snorkel air breather for my big block 400 without having to get a loan!!!! haha

Lots of life experiences here at this site. Hell, I'll be 64 in May and have had a few.....experiences that is but I'm thinking about having a few beers here in a bit lol

 

[Budnicks]

wow, who would have thought that you could get a financial lesson in real estate at a place like b-body only .com!
I've owned my own place since 1988 but with all the repairs and property taxes I wonder if I haven't been spinning my wheels.
I'm just looking for a dual snorkel air breather for my big block 400 without having to get a loan!!!! haha

welcome to FBBO, we talk about everything it seems, we're well rounded, sometimes opinionated too...LOL

maybe try over in the B-Body marketplace forums here,
for a dual snorkel air cleaner,
someone may be selling one reasonably priced on here,
over there in that parts/sales section...

good luck & happy Mopaing