Comments on: Down Payment Assistance Backdoor to No Money Down? Seller-funded Down Payment Scams. The Government looking to resurrect No Money Down Loans. http://www.doctorhousingbubble.com/down-payment-assistance-backdoor-to-no-money-down-seller-funded-down-payment-scams-the-government-looking-to-resurrect-no-money-down-loans/ How I Learned to Love Southern California and Forget the Housing Bubble Thu, 09 Feb 2012 06:16:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Laura Morton http://www.doctorhousingbubble.com/down-payment-assistance-backdoor-to-no-money-down-seller-funded-down-payment-scams-the-government-looking-to-resurrect-no-money-down-loans/#comment-51684 Laura Morton Thu, 05 Aug 2010 03:42:52 +0000 http://www.doctorhousingbubble.com/?p=1516#comment-51684 It seems that the system my grand parents used is still viable. They bought a small house. Then moved up. then moved up again. In their life time they had 4 houses. With many homeowners now underwater with their mortgage, the time spent in a house will be longer. Maybe 10 years. So if you bought a house at age 25, you can still move every 10 years and be okay. Very important...get a downpayment. It seems that the system my grand parents used is still viable. They bought a small house. Then moved up. then moved up again. In their life time they had 4 houses. With many homeowners now underwater with their mortgage, the time spent in a house will be longer. Maybe 10 years. So if you bought a house at age 25, you can still move every 10 years and be okay.
Very important…get a downpayment.

]]> By: fatherpain http://www.doctorhousingbubble.com/down-payment-assistance-backdoor-to-no-money-down-seller-funded-down-payment-scams-the-government-looking-to-resurrect-no-money-down-loans/#comment-34435 fatherpain Tue, 10 Mar 2009 03:32:40 +0000 http://www.doctorhousingbubble.com/?p=1516#comment-34435 DrHB, How much do you think the bubble will be deflated 2 years from now? Keep up the great work! Tom DrHB,
How much do you think the bubble will be deflated 2 years from now?
Keep up the great work!
Tom

]]> By: Mortgage Man http://www.doctorhousingbubble.com/down-payment-assistance-backdoor-to-no-money-down-seller-funded-down-payment-scams-the-government-looking-to-resurrect-no-money-down-loans/#comment-34428 Mortgage Man Tue, 10 Mar 2009 01:13:39 +0000 http://www.doctorhousingbubble.com/?p=1516#comment-34428 I agree that this is not the same thing as the subprime and Alt A fiasco. FHA does require the customers to fully document their incomes and typically stay with a 29/41 housing/debt ratios. The old program was abused by the lenders and the builders but there were a lot of people that benefitted from that program. My first loan was a VA loan with no money down. I am now on my 3rd home and have $32,000 left on a $270,000 home. It comes down to personal responsibility and with the amount of inventory that is stacking up, it may actually help. A realtor charges a 6% commission. Does that the home is worth 6% less if you buy from a realtor instead of a FSBO? I agree that this is not the same thing as the subprime and Alt A fiasco. FHA does require the customers to fully document their incomes and typically stay with a 29/41 housing/debt ratios. The old program was abused by the lenders and the builders but there were a lot of people that benefitted from that program. My first loan was a VA loan with no money down. I am now on my 3rd home and have $32,000 left on a $270,000 home. It comes down to personal responsibility and with the amount of inventory that is stacking up, it may actually help. A realtor charges a 6% commission. Does that the home is worth 6% less if you buy from a realtor instead of a FSBO?

]]> By: Sabin Figaro http://www.doctorhousingbubble.com/down-payment-assistance-backdoor-to-no-money-down-seller-funded-down-payment-scams-the-government-looking-to-resurrect-no-money-down-loans/#comment-34423 Sabin Figaro Tue, 10 Mar 2009 00:06:53 +0000 http://www.doctorhousingbubble.com/?p=1516#comment-34423 @ Koko Interesting that the one Republican was from California--imagine that. There must be a god because we as a species are too stupid to survive by our own wits... @ Koko
Interesting that the one Republican was from California–imagine that.

There must be a god because we as a species are too stupid to survive by our own wits…

]]> By: Sabin Figaro http://www.doctorhousingbubble.com/down-payment-assistance-backdoor-to-no-money-down-seller-funded-down-payment-scams-the-government-looking-to-resurrect-no-money-down-loans/#comment-34422 Sabin Figaro Tue, 10 Mar 2009 00:04:08 +0000 http://www.doctorhousingbubble.com/?p=1516#comment-34422 Doc, The rental thing makes so much sense. People are always moving to forward their careers and so forth. There is the foolish thought process that if you rent you are throwing your money away and if you buy it is an investment and you can live for free. It just ain't so. I used to sail a lot but never owned a boat. For a couple of hundred bucks, we could take a large boat out for the day, have fun, bring the boat back, get our deposit and drive home--none of the hassles of ownership, just the fun. Some people buy time shares thinking that is an investment. I rented a house in Jamaica a couple of times shared with some great friends, had a ball, flew home. I didn't have to pay for the maintenance, taxes, staff, all that. You just have fun and go home. Buying a home is a giant commitment in a world with no guarantees. There's no free lunch, but if you pony up a couple bucks, you can pay for a nice lunch. If you rent a house and save the difference, you can live the same way without the extra costs of ownership and buy something when you are ready. There is nothing worse than having to sell a house after you have moved to another state and are working hard to establish yourself in a new town at a new job. When you have to sell on a timetable, you often lose. Where's the economy in that? I know most of us hate to think, but it's a good idea. Doc,

The rental thing makes so much sense. People are always moving to forward their careers and so forth. There is the foolish thought process that if you rent you are throwing your money away and if you buy it is an investment and you can live for free. It just ain’t so.

I used to sail a lot but never owned a boat. For a couple of hundred bucks, we could take a large boat out for the day, have fun, bring the boat back, get our deposit and drive home–none of the hassles of ownership, just the fun.

Some people buy time shares thinking that is an investment. I rented a house in Jamaica a couple of times shared with some great friends, had a ball, flew home. I didn’t have to pay for the maintenance, taxes, staff, all that. You just have fun and go home.

Buying a home is a giant commitment in a world with no guarantees. There’s no free lunch, but if you pony up a couple bucks, you can pay for a nice lunch. If you rent a house and save the difference, you can live the same way without the extra costs of ownership and buy something when you are ready. There is nothing worse than having to sell a house after you have moved to another state and are working hard to establish yourself in a new town at a new job. When you have to sell on a timetable, you often lose. Where’s the economy in that?

I know most of us hate to think, but it’s a good idea.

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