Getting Seller Paid Down Payment Assistance Back on Track.

When the tax credit was out, there was a push from our real estate community that spurred a rally in the housing market. Getting seller paid down payment assistance bank on track would be an effective answer if it’s done correctly. This is a matter that deserves attention and it’s our real estate community that can bring it to the forefront again. Catch all your real estate news and mortgage news with Frank Garay and Brian Stevens here at www.TBWSDailyShow.com.

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Filed under: DPAby "ARNIE" Lu

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on June 11, 2011 at 3:47 pm — 3743299 says:

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on June 11, 2011 at 3:46 pm — 1084546 says:

1084546 beers on the wall.

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on May 5, 2011 at 11:16 am — Worrisome Appraiser says:

You fellows have very short memories.

The banks and Wall Street led the way to financial disaster growing astoundingly rich as they brought our financial system, along with that of much of the world, to chaos and collapse still in progress, tossing in a shattered housing industry in passing. When it came time to lend a hand to those for which they had greased the skids to value loss and foreclosure, we saw their monstrously callous and cruel, not to mention illegal, approach. The too-big-to-fail bunch pulled their bloated carcasses up on the backs of taxpayers. Now and for years to come, the rest of us are left to the struggles of survival in the riptides of the recession they created.

We all contributed to it? Nonsense.

And don’t tell me how much better things are getting. Not for those working 65 hours a week. Not for those unemployed. Not for those living out old age facing hyperinflation on savings at dead interest rates. Not for students needing quality education in our future economy, working in failing schools and wildly expensive colleges to whom they will put decades of their lives in hock. And certainly not for those dying in, and paying for, endless wars.

Be nice to the big bankers? I’d like to see them snug, comfy and secure in a jail cells.

And by the way, how are the big guys doing? They are bigger and stronger than ever having swallowed hundreds of failed competitors and smaller bretheren who received no bailouts. Their profits are again reported in millions and billions. While we learn by the millions just how easily and quietly and permanently we too small and unimportant to save can be left to fail.

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on May 4, 2011 at 6:48 pm — jim says:

where can I find the composit 10 index you guys used. Loved the colors and wanted to use it to present to realtors. let me know

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on May 1, 2011 at 5:10 pm — doitright says:

Yes they can go bankrupt just like California good match you are right they go well. Thanks Arnie!

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on April 29, 2011 at 11:35 am — teresatims says:

@ all of you who say it’s stupid or irresponsible to “say now is a great time to buy”. Wake UP -GET OFF YOUR HIGH HORSE… There is value in “terms” not just price. Anytime the mortgage payment is the same or lower then rent, it is a good time to buy. This is fundamental sound concept! I question your mortgage financing or investemt analysis skills? In addition, the future of financing with a low down payment is on shakey ground – if you are not telling people to buy if the above formula works – you are doing your clients a “dis-service”. If you have lots of money, are buying a high end home or investment property with cash then that’s a different story, probably good to wait, but i think when “We-Mortgage People” tell people to buy or what Frank & Brian are referring to is the owner occupant end user. Stop being so Righteous (you know who you are – suckas’)

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- on May 1, 2011 at 9:02 am — doitright says:
  
  The comparison you give does not count in the hours of upkeep , new furnace , roofing, repairs , painting , replacement of worn items. Rent is king any day of the week . Come on if you made money as a rent agent you would also tell the truth , now is not the time to buy . Dont get so upset about it , values are going down another 5 to 25 % in the next few years . Thank you suckas
  
  Reply
on April 29, 2011 at 7:23 am — lkwoodjr says:

The greatest generation came home from WWII and builders created the suburbs, shopping malls and mass transit all funded by a NO down payment VA home loan program. There was relatively slow or no growth in prices for decades and most of those 30 year VA loan were underwater for years after you figured the payoff, closing costs and Realtors 6% commission and yet it survived and prospered. Was there something wrong then?
People aren’t as good as they were in the good ol days?
Or ‘D’…NON OF THE ABOVE.
Folks…there is nothing wrong with a no down payment plan. People are people and when you have the worst unemployment since the great depression what ever happened in the 30′s is going to happen and is happening now. We have an industry that fuels 25% of the American economy and instead of coming up with innovative ideas to bring back one of the three engines of growth all the stupid politicians want to do is depress the recovery even more and make the dream of home ownership harder and harder to achieve???
I say lets blame the appraisers, for not being able to read the future. Crooked Realtors and mortgage bankers too…oh yeah lets reward the banks and wall street for creating the products … are you kidding….the insane are truly running the hospital……the barbarians are beyond the gate, they have stolen the keys to the kingdom and the carpet baggers are in charge. We need to band together and save our industry, save our economy and save the American dream
chip wood

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Pingback: Bring Back Seller Paid Down Payment Assistance? | Recession Foreclosures
on April 28, 2011 at 5:55 pm — John Appraiser says:

I understand the “need” for downpayment assistance. It is the same as the “need” for every little league player to get a trophy. God forbid we admit that “everyone” cannot buy a house. As an appraiser and a home flipper on the side here is how I see it. I sold my first flip house for the net price of $126,000 BUT, the buyer had no money so the agent says,, “no problem, we just raise the sales price to $132,000 to cover the $6,000 they want you to give them.” I didn’t care except for the usual metyhod of agents getting paid on the TOTAL sales price, that’s right, then agents were expecting to get paid commission on the whole $132,000. I said WTF!?!? I am not paying any commission on $6,000 you want me to give to the buyer, and made them adjust the commission. Then there is the other side of the coin. The appraiser now has to either OVERVALUE the house by $6,000 or 4.7% or he is the bad guy for killing the deal. I don’t know who the appraiser was but the deal went through and now there is a $132,000 sale of a $126,000 house and another buyer who has NO EQUITY from day one. Is that what is really best for America??…. REALLY??? I was selling a house so that is the game I had to play but I think it is rediculous. I have flipped 4 houses so far and 3 out of 4 contracts have a falsly raised sales price to provide the borrower with closing costs. Some people are amazed that that is how many transactions are done. Real estate is often a dirty business. I am in it as a appraiser, investor and now a landlord as well but sometimes it is a joke. It seems like the only truly honest people in the biz are half of the appraisers, a few brokers, and a handful of agents.

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- on May 3, 2011 at 11:39 am — fhaguy says:
  
  Thank you for your common sense. seller assisted DAP is not only gone, it is now illegal. Although in “theory” a sensible argument can be made in it’s favor, it is unfortunate that in “practice” there was no effort to negotiate anything other than talking the seller into raising the price because “every body does it”. Thank you again, but no. didn’t learn lesson the first twelve times, not likely to be any different tomorrow.
  
  Reply
Pingback: Bring Back Seller Paid Down Payment Assistance?
on April 28, 2011 at 3:07 pm — otter says:

Hey, Michael, I like the idea of the 1% going to HUD instaed of some middle-man like Nehemiah. Let’s put this right up front instead of beating around the bush — the seller is paying the down payment for the buyer. HUD insures the deal, but the proven track record of higher risk has to be offset with additional security to pay for it. No free lunch, but a decent lunch. If folks want to buy, they can, but they pay the freight. By the way, if I’m not mistaken, doesn’t the HUD insurance fund pay for the losses on foreclosed homes instead of us taxpayers? I believe this is why they are increasing the premiums, not that even qualified buyers are losing their homes after losing good jobs lost in the recession. Anyway, good thought.

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on April 28, 2011 at 2:17 pm — doitright says:

The original program was a frase it was actually named

I NEED A MY A PAY CHECK and the realtors and loan officers that pushed this program should be in jail . If you bought anytime from 1998 to 2004 you should contact an attorney and tell them your realtor recomeneded it as a great investment and now you are in the whole and owe more then the home is worth . That is why they called it I NEED A MY A PAY CHECK it was the loan officer and realtors program . Even the seller got kind of screwed on it ! Stop promoting trash programs, when fannie and freddie are gone it will be 20 % down private money only . FHA will follow suit and increase to 10 % down but have an upfront of 3 % . Remember doitright said get out of any business tied into housing and get a life ! So DO IT RIGHT !

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- on May 3, 2011 at 4:13 pm — Down Payment Guru says:
  
  What’s laughable about your post is I can’t tell when you are deliberately being illiterate or if it’s something that just comes out. Before you insinuate that anyone that had any association with these programs is an illiterate buffoon, perhaps you should check your subject verb agreement, your diction, punctuation, etc. etc. Housing is the lifeblood of this country. Real Estate has created the majority of millionaires here. What you think is trash, helped many people get a home, and created a livelihood for tens of thousands of people. 20% down hasn’t been done since 1934 and for good reason; it slows down the economy! No one buys. Jobs aren’t created. This is the private sector we are talking about, not some baloney stimilus. Do What Right? Screw the Economy because a bunch of bankers want less risk? Our so called recovery would actually be a recovery if we had Down Payment Assistance. I’m sorry you don’t like Housing, but it’s a good career, some of us can’t make money by misspelling.
  
  Reply
on April 28, 2011 at 11:25 am — Brion says:

Hey Guru,

You still don’t get the picture. The DPA model was flawed with a kickback to people like Neamiah and it was, I repeat, was phony because it created an artificial market value.

Pure and simple, it was money laundering at it’s very best!!

Don’t call us \highminded\ just find some better clientele. I suppose you thought Option Arms were good for the consumer as well.

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- on May 1, 2011 at 9:04 am — doitright says:
  
  NOt at all never sold an optiopn ARM , also only wrote about 5 80 /20′s . I tried to put people in the good programs so they would stay in the home .
  
  Reply
- on May 3, 2011 at 3:48 pm — Down Payment Guru says:
  
  I don’t get your picture. It’s too small. On the value thing, not really. If someone wants to pay more for finance options then they can. It’s just like paying more for a view or better countertops in the same neighborhood. People are willing to pay a higher price to have access to capital; it’s the American way. The model wasn’t flawed, it simply got lumped in with Sub-Prime. Did the FHA run out of money? No.
  
  Hahahah, on the Money Laundering; we would joke about that all the time, but the definition of money laundering is concealment of the original source of funds by use of a third party. There was NO CONCEALMENT! It was on the HUD 1 the seller knew, the Lender knew, the Buyer knew, HUD knew, nothing Shady about it. You have been co-opted my friend. Option Arms Suck.
  
  A kickback? I suppose a lender getting points is a, Kickback? A realtor getting a commision is a kickback? It was cost for the use of the money. The non profit had a legitimate pre-existent pool of funds they wired that to escrow before closing. For the use of that money that was returned by the seller, they charged a fee. It’s beautiful and elegant.
  
  Reply
on April 28, 2011 at 10:09 am — Mike T says:

As far as appraisers hurting the values with short sale and REO comps guys, its the market. Heres the thing, there are only a handful of arms length sales and we use them as we can, but because everyone is buying the REOs and shorts we have to use the distressed sales. It is in the market analysis. Most markets are in the 60-70% distressed range, maybe 25-30% flips and 5-10% arms length. There is no other way to produce a report. So we compare sales based on design, GLA, lot size, quality and condition. Especially quality and condition. Hope for 4-12 (depending on the AMC) good arms length comps…. There are some nice/clean REOs that are selling in the top of the neighborhoods value range. Should we leave it out because its not an arms length?? The tanking values are not from the good appraisers running scared, its from not having quality comps and from banks pricing the REOs and shorts at the bottom of the neighborhood range to “GET IT SOLD”!!

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Pingback: Finally some Sanity in the Market. Getting Down Payment Assistance Back on Track.
on April 28, 2011 at 10:01 am — Michael Grant says:

Okay…Now we are screaming for down-payment assstance programs again. As they were originally set up they don’t work. Oh yeah… they were great for real estate agents and loan officers as they made a lot of money. But the majority of the loans were FHA and when people walked from these homes, for whatever reasons they had, FHA took it in the shorts and lost a lot of money. Now for those of you who don’t know where FHA gets their money…. it comes from you the tax payer. Yep, you get to pay for those freeloaders who walked from their homes. HUD stats show that the down-payment assistance programs had the highest default rates of all loan programs. Higher than all other loan programs added together. The down-payment assistance programs turned out to be just another welfare program for those who should never have owned a home in the first place. Think about those programs for a minute. Would you loan those home buyers your personal money? Remember the 125% loan programs of the 90′s? The 100% loan programs of the last decade? I hope you do…. because all of us as tax payers are going to be paying the bill for those failures for some time to come.

Now there is a way to make the seller assisted down-payment programs work. It is really very simple. I have written many letters to the powers to be on this issue with absolutely no response. He is how to make it work.

Forget Hart, Neamiah, and all the non-profit entities that put these programs together. They were just a sham method to get around HUD’s legal requirements for down-payment assistance, and HUD knew it.

HUD needs to oversee the program. The seller still contributes the down-payment amount plus a 1% fee that will be paid to HUD. Now HUD is making money on the deal. But here is the kicker that makes the program work. The buyer signs a second mortgage payable to HUD in the amount of the down-payment and again HUD is making money for a loan it did not make. This second mortgage comes with a full deficency judgement clause whereby the borrower cannot get out of paying back the amount of the down-payment assistance. Further the second mortgage will require that the borrower cannot get out of repayment by filing bankruptcy. Now the buyer has skin in the game and will be less likely to walk away from their home. Under the old down-payment assistance programs the buyer had absolutely nothing to lose by walking away…. owning a home for them was after all no different than paying rent. With this new down-payment assistance program, if they walk they still pay. There is no advantage to walking for the buyer. And on top of all this HUD is not only making money, HUD is becoming solvent, and we will more than likely see MIP premiums go back down where they should be.

I truely believe that seller paid down-payment assistance will help turn this real estate economic mess that we are in. But it needs to be done right. It needs to be done so that the borrower/buyer doesn’t get off the hook by walking away from the obligation to repay the loan.

The reason we are in this housing melt-down now is because homeowners have absolutely no moral or ethical responsibilities to repay the loans they promised to repay. I wonder… if all the people who walked away from their homes because the value of their home dropped, had borrowed the money to purchase their home from their parents or grandparents, would they have just walked and screwed them? I wonder.

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on April 28, 2011 at 9:58 am — loppy says:

Wow, look at the comments!! This really brings out the opinions from all of us.

We are using, in my humble opinion, a flawed model in the lending arena. We determined that past actions on credit is an indication of future performance for making payments. We determined that the value of homes would be stable, and perhaps slightly increase, over time. These two assumptions are the lynchpin, along with regular with employment, for lending.

All I can say is whoops!
Home values are not stable, employment is very weak and credit is not measured by anything but personal expediency. It has to be difficult, if not impossible, to lend in this environment. The baselines are all gone.

DAP, TARP, etc. are temporary illusions. My bailout is your higher tax bill and for the taxes we pay, what services do we receive, if any. I could not afford the house without the tax credit, now you want me to pay it back? Please.

What are the consequences if I don’t? What are the consequences for a falling credit score or a foreclosure? I have no personal responsiblity for any of this, it is THEM, THEY, THOSE GUYS that did it. Not me.

You want to increase the price to give me down payment? I like it….

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on April 28, 2011 at 9:57 am — Down Payment Guru says:

Anyone who has an ethical issue with Down Payment Assistance should get out of the business. It creates market appreciation. It creates volume. It creates jobs. It doesn’t cost the taxpayer anything. Unlike stupid stimulus, it’s a great private sector solution to a huge problem. The only asset we have on our huge national debt is how fast our economy spins. Guess what? It ain’t spinning very fast, and HOUSING will get it going again.

The Feds have done it for years for select individuals; (the VA). It worked for 14 years until Sub-Prime came along and threw it under the bus. All of you high-minded idealists that believe in the old “skin in the game” argument need to realize that 3.5% won’t save your job, or cure cancer, or fix your marriage, which are the 3 reasons for Default and foreclosure.

GET IT BACK and the Economy can Begin again. Builders will build again, and people will buy houses again, GUARANTEED.

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- on April 28, 2011 at 3:43 pm — doitright says:
  
  But who benefits ? The builder that is why this time around you are wrong , no one should be buying now values are going to drop min 5 % max 20 % in every state of the country . Read it and weap , that still only takes us to about 1989 prices so if you bought in 1980 you are still ahead. But if you did what the rest did an oulled a cash out refi or an equity loan on then you are in the whole now , just like 69% of the home owners out there so doitright !
  
  Reply
  - on May 3, 2011 at 4:24 pm — Down Payment Guru says:
    
    Geez. The country benefits by more jobs, a stronger dollar, healthier companies, more tax revenue. Sellers benefit, they can sell their home without short-selling. Stabilizes neighborhood values. The Buyer benefits, he gets a home and a piece of the American Dream. The Loan officer benefits. He makes some money. The Real Estate Agents benefit, they make commissions. The title company benefits, they make title and escrow fees. The Insurance guy benefits, he sells a policy. The hoa benefits, better home values, more revenue. The neighbor benefits, someone will finally mow the lawn of that property that has been sitting on the market for months. Oh, and did I mention value? The Builders will benefit, because people will move up and create inventory for those behind them. The FHA will benefit, they take a % off every loan. Banks will make more money again. China won’t benefit, because it will reduce our trade deficit. I guess the answer to your question is everyone but China.
    
    Reply
on April 28, 2011 at 9:51 am — Tmyke says:

If someone bought a home in July of 2008 and received the $7,500.00 zero interest loan of from the federal government, and then in February of 2010 that same person turned that home into a rental property; guess what happens, the loan needs to be paid back in full on the 2010 tax retuan in the tax year that the property became non owner occupied. The $7,500.00 is not reported as income or a tax credit. For example if a person had this scenario and was not receiving any money back from the federal govt. and not paying any federal taxes either, that person would now owe the federal government $7,500.00……

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on April 28, 2011 at 9:35 am — Mike Mullin says:

Frank and Brian, I’m disappointed to hear your stance on this because you are losing credibility.

This is the same “it’s a great time to buy!” garbage that NAR puts out. None of it is for the best interest of the home buyer – it’s all said in the interest of the starving lenders and real estate agents who are praying somehow the market will turn around and save them from financial ruin.

There are many good reasons to purchase a home right now and there are more than enough loan programs to make it possible. Down Payment Assistance is not the solution.

I’ll take a guess that $200k buys you a very nice home in MOST of the country. With a standard FHA loan you need $7k to close escrow. The seller and lender credits can more than easily cover all closing costs.

If a home buyer can’t come up with $7k, maybe they shouldn’t be buying.

With as much as you two screamed about all the waste in the various stimulus plans foisted on tax payers the last few years I’m surprised you don’t include Down Payment Assistance as just another artificial stimulant that is completely unnecessary.

I love and respect you guys but you got this one wrong – either that or you’ve sold out to the real estate agents and lenders looking for you to fix the market for them.

Reply
- on April 28, 2011 at 3:54 pm — doitright says:
  
  on the money Idont know what they are smoking on this teh down money is what we underwriters call sweat equity , it is part of the formulation for showing a borrower can handle the purchase and not run when values drop again anonther 5 to 20 % . Without the hard earned money for down payment all the other math we do is usless . Now is not the time to buy so please change the subject of the show to ” Why is blows to buy in the USA right now ” You will get som much more coverage and following . I speak to people that have read this they are starting to say it is hype and yatta yatta . Please get to the facts , jobss, energy prices, forclosures , massive hidden inventory, desperate sellers, realtors that have not had a pay check in months, stop going after that one dumb buyer in this market . The person that is buying now would buy a Hyundia for 80,000 if they did not have to put any money into the equation . I know you are so capable of having a great show on how negative the USA is in every aspect right now , and we can pull out of it but facts will help us . Telling a young couple great time to buy will not do it , they will be a bad advertisement for all in a few months . Thanks
  
  Reply
on April 28, 2011 at 9:31 am — Brion McDermott says:

What’s all this “crap” about down payment assistance again? Where have you guys been………in the closet??? It’s nothing more than freakin’ money laundering and causes home prices to be increased to cover the funds.
What’s so great about doing so much for people who don’t have the money to buy or to maintain a home in the first place?? VA loans are great and have proven their worth. DPA’s are bull crap and you know it. If we can’t stimulate housing without making those loans again, maybe we shouldn’t be in this business anymore.

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on April 28, 2011 at 9:16 am — PCTon80 says:

Cory:
VA loans are made to folks who tend to have a much higher sense of personal responsibility than the average Joe, AND they have a residual income requirement. It’s difficult to quantify and prove, but I’d bet dollars to doughnuts that has a lot to do with their default rate being so low. USDA has maximum qualifying income limits which effectively stop borrowers from buying too much house, and they have a guideline that homes must be “modest” for the area. Also, I’d like to see the difference between the USDA guaranteed loan default rate and the USDA direct loan default rate. We tend not to think about the direct program, as we don’t originate those loans, but they are a decent chunk of USDA’s portfolio and it could paint a different picture.

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- on April 28, 2011 at 11:16 am — TBone says:
  
  Really? Both VA and USDA loans that you are mentioning are 100% loans. This is why you have mentioned them. Is therer something else here that needs telling?
  
  Reply
on April 28, 2011 at 8:55 am — Cory says:

I have to agree. 100% loans to owner-occupants was not the problem in the bubble burst, it was 100% loans to home flippers who suddenly were not able to flip the homes they purchased in a reasonable amount of time (i.e. before the first payment was due). VA is 100% and has the lowest default rate of any loan product. USDA is 100% and again has a lower default rate than conventional and FHA loans requiring down payments. It’s just time that HUD and Fannie and Freddie told the whole story behind the studies used to eliminate DPA programs.

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on April 28, 2011 at 8:53 am — PCTon80 says:

I have no idea where that pingback came from on my last post, btw. I certainly didn’t link it.

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on April 28, 2011 at 8:46 am — Tony says:

I am so tired of your DPA should be back, I didn’t even listen. We all know your opinion regarding DPA. I like it better when you give me new, thought provoking info. Great job…usually.

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on April 28, 2011 at 8:36 am — Brad | Home Loan Artist says:

I think seller paid down payment assistance would work great in California. What would the negative impact be of a home sold for $10K more and the seller kicked back $10K to the buyer for DP?

How about they allow seller paid DPA and then require the buyer to contribute at least 1% of their own funds like CalHFA’s CHDAP requires?

Or when doing seller paid DPA, cap the DTI to 43% or 45%….or make the minimum FICO score be 650 or 660……do something…..am I right?

USDA seems to do OK with 100% financing.

Reply
on April 28, 2011 at 8:30 am — PCTon80 says:

I absolutely love the Daily because of the food for thought that you put out there for us industry professionals to mull over. You always raise interesting points of conversation, and 85% of the time I’m in agreement with your opinions.
This, however, is not one of the 85%.

We all want a housing recovery to occur as quickly as possible. We need it and our society needs it. However, in the process of effecting a recovery today, we can’t simply be creating the defaults of tomorrow. I know a lot of posters here want to disregard statistics in a “damn the torpedos, full speed ahead” sort of way, but we cannot escape the fact that seller-DPA loans defaulted at an astronomically high rate. Additionally, as G Grantham alludes to in his post, a seller-funded DPA is just another term for a sales concession. Just because the seller is giving money to a *AHEM* “non-profit corporation”, who then turns around and gives it to the buyer out of their *AHEM* “general fund” doesn’t magically transform that money into a down payment! Just like a free upgrade to a home, all seller-funded DPAs do is reduce the equity in the home. If I’m financing a $100,000 purchase with FHA max financing, my loan amount is $96,500 and my LTV is 96.5%. If the “non-profit” takes that $3500 from the seller and gives it to me for the down payment, that house really didn’t sell for $100,000 – it sold for $96,500 and the LTV is actually 100%! I have NO investment in the property. Zero, zip, zilch, nada. If people can’t save a measly 3.5% to put down on a home – or borrow it from someone that actually has a vested interest in keeping them in the home like their parents or a close relative – they should NOT be buying it! What happens when the hot water heater blows in the first year? Who’s going to bail these guys out at that point? Nanny Government? I’m not a huge fan of 100% gift downpayments either but at least if they come from a family member there’s a support system there. The seller’s not going to come back and replace your water heater out of the goodness of their hearts – nor should they have to.

If you want to bring a program back, let’s talk about getting the Government out of the way and allowing stated income for 2 years+ self-employed borrowers ONLY with 720+ FICOs, 25% down and 6 months reserves. There are plenty of potential new buyers and trade-ups sitting on the sidelines who can’t qualify under today’s guidelines that fit that bill. Unlike the shoestringers who need to beg the seller to make up for their inability to manage their finances however, these folks have both the desire AND the ability to purchase homes and should be allowed to do so.

Just one man’s opinion.

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on April 28, 2011 at 8:21 am — Titleman says:

I could not agree further. The problem, at least from what I have seen in our area, is that when buyers have not had adequate downpayment monies and they proposed purchasing a property with DPA, the sales price was simply \bumped\ by the amount of DPA the buyer needed. So they ultimately purchased at an \inflated\ sales price and usually closed with an FHA loan with minimal downpayment requirements. Nothing like creatively getting 100% financing for a less qualified buyer. However, the R/E agents, loan officers and escrow people win as they get their checks, so who could it possibly hurt? Yeah, right! It’s time for this great nation to become a nation of savers. Doesn’t it mean more and make you more prone to work harder when times get tough if you’ve actually had to work to save money for a major purchase like a home or car? Also, pride of ownerhsip frequently goes hand-in-hand with skin in the game!

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on April 28, 2011 at 7:59 am — Bono Vox says:

I notice that none of your graphs show the default rates on DPA and non-DPA loans. Show me those graphs and we’ll talk about supporting the return of DPAs.
“Responsible Lending” boys, Responsible Lending

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on April 28, 2011 at 7:55 am — The American Dream says:

Here is a wonderful video on The American Dream!!
Getting Seller Paid Down Payment Assistance Back on Track!!
You will love it!!
http://www.youtube.com/watch?v=ZPWH5TlbloU

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on April 28, 2011 at 7:48 am — Godlike says:

Insanity is defined as doing the same thing over and over and expecting different results.

DPA aggravated the “little” downturn in the RE markets we have. People had nothing to lose so they walked.

I personally feel a higher downpayment requirement (within reason) would better serve us & our markets long term.

I welcome a 5% DP on FHA.

And wasn’t there all kinds of fraud from these DPA entities? I’d rather line the pockets of the taxpayers with a tax credit than line the pockets of the scum running the DPA programs.

I’d like a real recovery, not a short sighted temporary response that just aggravates the real recovery. I’m already hurting, I’d rather hurt a little while longer and be done with it rather than having to hurt again later. Let’s get the hurting out of the way.

I say DPA programs are of the DEVIL!

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- on April 28, 2011 at 8:17 am — dirk2290 says:
  
  The Indian (Native AMerican) DPA orgainzations were ran correctly. Plus the DPA Program should have been corrected, not axed. If we have the capability to Underwite a VA Loan and the VA Loans have an extremely low default rate, I beleive we as an industry have the ability to underwrite a DPA Loan much like a VA loan, and raise the FICO score requirements for it. I say that it is not the Devil, it was just abused. Just life stated income loans for self employed borrowers…..the concept when first though up wasperfect, but look at the abuse and look what happened.
  
  Reply
on April 28, 2011 at 7:43 am — Jim Morgan says:

I was fighting this fight in 08. Throwing out the baby with the bath water with DPAs cut 50,000 buyers out of the market per month. Here is my blog on it. http://morganj428.blogspot.com/2009/08/we-need-to-bring-back-down-payment.html

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on April 28, 2011 at 7:43 am — dirk2290 says:

really guys? I am amazed that there isn’t a continual effort to fight the FED Bil, the Socialization of the Lending Industry. I have asked this multiple times and you guys still will not answer this question. Why is it that you guys have no contqacts or no “strings” to take something like the FED Bill and get on the National news? Justin from the implode o meter can be on every national outlet, but we can’t get you guys or NAMB to get one interview with Fox news? Really? I know someone must have a contact somewhere. SO for the 4th time, is this question going to be ignored once again?

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on April 28, 2011 at 7:39 am — Godlike says:

Haven’t lived in the house for 36 months before you sold but didn’t make a profit? Then you don’t owe the tax credit back.

Just had 2 of these where the occupants checked with multiple CPAs and IRS and were told they owed nothing. So no extra downside added to the equation by the tax credit.

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on April 28, 2011 at 7:34 am — Godlike says:

From an article on status symbols. “It used to be that the American home was one of the most important status symbols in this country. Just getting into a home of your own was a big deal. It took years of saving, working on a plan that would result in a real estate closing, a very important affair with lawyers and everything.”

“Moving up to a larger home became a signpost along the roadway to success. People paid attention to every aspect of the home and keeping up with the Joneses meant making sure your home was just as nice as your neighbors. The type, square footage, neighborhood, grounds, they were all part of it. The bigger and more expensive the better, until the the ultimate image of the pinnacle of homeownership achievement wasn’t a house at all, just the front gates the led onto the estate. That was the American dream.”

That’s a far cry from the recent “I’m entitled to a home, gimme it!” There’s no value, status or otherwise if people don’t have to earn their homes.

I’ve never seen anything wrong with requirement for the buyer to have skin in the game. That’s not to say I turned my nose up at doing loans under the old FHA 3% downpayments with closing costs (not prepaids) rolled into the loan, but enter Downpayment assistence programs, grants and the ability to also roll in the prepaids and somehow it has made the home become a second rate belonging with little value to people. Hence the ease with which they’ll allow them to be foreclosed upon with little fight or thought that they were doing anything wrong.

I understand people who lived in areas where homes values dropped 50%, but so many of the foreclosures in our area (Texas) were due to second hand smoke because we’ve had little to no drops in value.

I’ve dealt with many people who allowed their other home to be foreclosed upon cause it was easier than selling. The media made them truly believe the foreclosure or short sale should have no impact upon their ability to buy another home.

Maybe the great and mighty Obam is right in that some people may need to rent for a while until their value system adjusts. BTDT, renting is of the Devil!

Living in someone else’s home unable to decorate, modify, upgrade to suit yourself. Paying their mortgage and taxes, giving them tax deductions! Building ZERO equity which makes it so much tougher to get ahead in life! Definitely not the road to happiness and success. And as the Realtors have pointed out in the brochure I’ve given to you guys a couple of times, renting is not good for the community or the kids in school and later success in life.

It’s also not good for community and political involvement. Non property owners are more likely to act as a herd of sheep and can be bullied easier than home owners. OK, maybe the Great & Mighty Obam is wrong and getting people to rent fits better in the masterplan. Sometimes I get so confused!

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on April 28, 2011 at 7:29 am — Godlike says:

Here’s an amusing story that has absolutely nothing to do with today’s or any other days video. Do you ever have one of THOSE customers? You know the one that you knew you should never have been involved with but you did it anyway?

I took one of those from one of my builder customers. This customer is one that is lonely and has to give you a minute by minute recounting of the time she’s spent since last she saw you.

Tuesday I was out calling on my builders and when I got to this builder’s model the sales rep motioned me for silence and I heard her tell this customer “No, SS I can’t meet with you today. I have 3 contracts to write and a builders meeting this afternoon.” We sat down to talk thinking we were safe.

I’d told the builder on several occasions she owed me big time because I wouldn’t have taken this loan except to do her a favor.

Not 10 minutes later who should pull up but SS. She pulls past the window and parks. She doesn’t immediately get out of the car. I start looking for an escape route because I don’t have an hour or two to waste with her. I’m thinking I can go out the back door and around the side of the house and then out to my car once SS enters the front door. The sales rep looks at me and says “I know what you’re thinking and you can’t leave me here alone with her!”

We get the bright idea to lock the front door and pretend we’re not there hoping she’ll try the door and leave.

No sooner than we get the door locked but the phone rings and it’s SS calling. She say’s she’s on the way and would she like her to bring some food? Remember she’s sitting in front of the model and thinks we can’t see her. The sales rep very forcibly says “NO, SS. I can’t meet with you today. I am booked up for the rest of the afternoon.” SS says “I’m almost there so I’m going to stop by anyway.” That gets us to laughing because we know she’s sitting outside the model in her car. Now this is a pretty strait laced all business, woman who has never cracked her business persona in the 2 years I’ve known her so I know it must be hysteria beginning to creep in.

Thru a window we watch SS sit in her car a reasonable amount of time from the phone call and then head for the front door. The sales rep gets panicked and is afraid SS will look thru the window so she squats down behind the desk while I step out of the room so I can’t be seen.

SS tries the front door knob tentatively and then walks away. No door banging or looking thru the window or anything. Very anticlimactic. We breathe a sigh of relief.

I can see SS walking back to her car but the sales rep hiding behind the desk can’t see anything. After a second she says laughs and says “Is she gone yet?” I peek out the window and see SS has gone back to the car but she has pulled out a book to read which means we could be stuck here for hours.

The sales rep then gets the giggles and starts laughing about the 2 of us hiding out in the model home. I get to laughing too and soon we’re laughing so hard we’re afraid SS will hear us. So we try to shush each other which of course sets us off even more.

About 30 minutes later we got lucky when a neighbor came by and stopped to talk to SS. SS promptly followed her home so we could both sneak out of the model and safely head out. The sales rep suggested we stop and have a drink on the way home so we did.

Yes, I know what this says about my professionalism, but I made a friend and who knows how much more business that will turn into plus now it’ll be much more fun to call on her.

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on April 28, 2011 at 7:18 am — time4change says:

FHA will keep the tax payers on the hook for failures in the loans granted to the \underserved\. They increased the MIP because of the lousy loans they granted in the year after all the other low down conventional loans disappeared.

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on April 28, 2011 at 7:16 am — time4change says:

You guys are right. DPA from the seller would have been preferable to the gov’t using our money for tax credits. It will be interesting to see how many of those gov’t sponsored tax credit buyers default on their loans.

No surprise here, the gov’t intervention made the situation worse for buyers, sellers and housing.

At this stage of the game with the damage done by HVCC/AIR, the Respa changes, overlays from lenders, extra points from Fannie for credit and LTV, L O Comp, and impending changes regarding buyer’s ability to repay – I am dumbfounded as to why we would be encouraging buyers without a down payment to purchase homes – with the exception of VA and RHS.

New regs are destroying the real estate market daily. Short sales and foreclosures are unending. It is time we adjust to fewer, more well qualified buyers in the market. For that matter, go back to manual underwriting; we are practically doing it anyway with all the overlays from lenders.

I am sick of NAR just trying to generate volume for their Realtors. Let the Realtors take some responsibilty for the buyer’s ability to repay. Perhaps it is time the get something in writing that they are selling the buyer the home he wants, not the one they want because it is a bigger check, or their listing, or that the buyer thoroughly understands his options and responsibilities in the transaction. Time after time I see a buyer who does not understand (a) agency (b) the time frame for inspections (c) the necessity of inspections.

When I see failures like this on the part of Realtors, I wonder why only L O’s will be reponsible now for the guarantee the buyer can pay the mortgage.

By the way the captcha phrase below cannot even be typed.

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on April 28, 2011 at 7:01 am — Lonny Coffey says:

DPA is nothing more than a 100% loan. If the regime wanted to help with housing they could do a 100% loan, charge more MIP to offset the additional risk, make the borrower earn the opportunity to get the loan through legitimate counseling for say 6 months. That would eliminate the something for nothing crowd. In other words the borrower would have to physically show up for counseling to “learn” something about budgeting etc, to get the loan. Borrowers would have to stay current and not get any more debt. Lower credit scores could be acceptable for those that completed the counseling successfully. Earn the opportunity to get a 100% loan, create more qualified buyers that are likely to pay. Could it work?????????????? Hmmm, probably just another pipe dream as they say.

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- on April 28, 2011 at 7:09 am — Scott Robnett says:
  
  Frank and Brian have jumped the shark on this DPA bit. Actually the numbers show that DPA loans perform worse than 100% loans. Why? Not really sure. But going back to doing what works and abandoning what doesn’t – well I think we should leave the DPA loan in the dust bin of history. I saw a figure where 20% of DPA FHA loans were delinquent. And that was in 2008. What are the numbers now? They won’t look good.
  
  Reply
  - on April 28, 2011 at 10:58 am — Carl Pruitt says:
    
    Actually, the numbers shown for DPA defaults are primarily the result of fraud and tell us very, very little about the risk of the actual programs themselves. DPA programs were widely abused by fraudulent house flippers putting buyers into homes with no one ever intending to make a payment. It wouldn’t have taken much effort to clean that up and avoid the defaults.
    
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on April 28, 2011 at 6:51 am — Charlie says:

Down payment assistance when it was around just inflated prices by 3% so that seller could give the down payment to the 3rd party assistance program. The 3rd party was making $500 per deal which was normally paid by the seller too. The builders loved it because the toital cost was just built into the price.

Why not just do 100% financing with no ratio – IF YOUR RESIDUAL INCOME (VA Style) IS 120% OF REQUIRED. This way you could have $1 MOVE IN FHA financing and the person total ability to pay is evaluated and you aren’t play with value by hiding the “so called” down payment assistance. Plus the 3rd party “assistance” people aren’t siphoning off a boat load of money without really adding anything to the process!

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- on April 28, 2011 at 7:07 am — mmt110 says:
  
  120% of required residual income and no ratio isn’t nearly conservative enough to accommodate those buyers who have little other debt and smaller incomes. What happens when they have to finance a car purchase, even a very reasonable car purchase? Most payments are still over $250/month. How does that new payment factor into the overall affordability of the house?
  
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on April 28, 2011 at 6:49 am — Patfandango says:

Jonathan Roy nailed it. I’d like to add one other comment. 3.5% down in reality is not “skin in the game”. Who are they trying to kid? If people are walking away from tons of equity because of job losses, etc why would they try any harder to keep a house if they have 3.5% equity? In some markets 3.5% equity can evaporate in a month or two if the values are decreasing. It’s not about the down payment. It’s about a borrower’s ability to repay based on his history. We’ve set the bar too low for what can qualify. BTW, I’m still seeing FHA approve DTIs in the mid-50′s…I wonder if anyone in Washington realizes that.

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on April 28, 2011 at 6:46 am — tom says:

DPA w/FHA is gone guys. The gov’t wants the population to move away from govey and fnma/Freddie home loans and wants a private market to open up. FHA will likely become more and more expensive for the consumer until it more closely resembles a non prime product only and pricing will start to climb on conforming loans unil warren buffet or some other financial giant creates their own loan programs again. I loved using Nehemiah and others, but I don’t really have a problem with borrowers putting skin in the game.

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on April 28, 2011 at 6:41 am — Dave says:

Bring back DPA…Lower the MIP on FHA…give out more tax credits for housing…the housing market is in the toilet and there is a huge backlog of foreclosed homes coming on the market in the next few years. The government needs to step in to help-otherwise we will have the double dip recession we all fear.
DenverMortgage

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on April 28, 2011 at 6:37 am — Mike1228 says:

If FHA wants to get to zero down they can do it without a third party shell game. If a buyer has a credit score over 700 why not give them 100%.

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on April 28, 2011 at 6:35 am — Mason Pruner says:

Gentlemen, I love your daily’s, but today, you missed the mark. The reason we had the bubble in the first place was making it too easy for too many with no “skin in the game” to get homes. Aside from speculators NOT buying true primary homes, “no money down” buyers were the most likely to walk away – regardless of credit score when the going got tough. Imagine if their “equity” (which isnt really equity at all because it cost them nothing) dissapears and they start to have problems making payments – for any reason – how much more likely is that homeowner to continue making payments? Re-instituting seller funded DPA’s is simply a way around a legimitate down payment and having that “skin in the game” has been proven time and again to yield better performance in mortgage repayment. It may sell more homes now, but it will prolong the foreclosure problem going forward. If a buyer cannot come up with 3.5% of the sales price on a $100K home, then, should they not budget a bit, show fiscal responsibility and wait until they can get that down payment? 31 years in this business and I have seen it all. Borrowers should have some kind of personal investment in a home.

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on April 28, 2011 at 6:12 am — HIPO T K says:

I hate to admit it but (this time) I agree with doitright. Plus DPAs will never make it back because our government wants exclusive rights to creating bubbles.

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on April 28, 2011 at 5:50 am — GaryP says:

Give up guys. DPA is never coming back. FHA has red flagged it as a cause of the crash. They said so in testimony to Congress. Whether true or not does not matter, its all a matter of perception. Besides, it might have worked in a time of large appreciation of home values, but that isn’t now. How many buyers are willing to give down payment PLUS seller concessions. The possible exception is builders, but we know what they are doing, just bumping up the price to cover the DPA, just like they did before, leaving buyers upside down when realistic market forces returned. How many of those deals would have closed if they weren’t using their own in-house appraisers? Besides, there is an increasing push for more skin in the game, not less. DPA simplly runs counter to the political winds in DC. We’ll be lucky to keep the down payment on FHA where its at now, much less get DPA back.

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on April 28, 2011 at 5:42 am — Jerry says:

Why is it USDA and VA can finance 100% and FHA wants can’t make something like this work with overlays if need be. Perhaps a max DTI, maybe even cancelled checks showing that payment have been paid on time and payments shock. Make it available to those that have the proven track record and ain’t (that is a word) the credit risk of someone that doesn’t meet the same ability to repay test.

I do have to say that the monthly MI for FHA is a killer. More and more I find my borrowers have difficutly budgeting for the house they are looking at because of the new PMI factors.

I always look at USDA/VA as an alterntive to FHA and use them when it’s the only option.

Let’s face it, down payment assistance is 100% financing for the borrower so let’s just cut it out and underwrite in a way that makes sense and give loans to those who are deserving without the down payment.

Uggghhhhh!

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- on April 28, 2011 at 6:02 am — pwalt35907 says:
  
  Then your buyer needs to be looking at less expensive houses.
  
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- on April 28, 2011 at 7:22 am — time4change says:
  
  Jerry, USDA and VA have huge up front MI fees; at least an offset.
  
  There are still plenty of state zero down grant programs that utilize FHA or conventional financing. With housing still in the dumps, I am of the opin that all grant programs should go away too.
  
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on April 28, 2011 at 5:41 am — Jonathan Roy says:

Seller paid DPA should never be allowed to come back. If the FHA wants people to borrower 100%, then make a 100% program with appropriate guidelines (ala VA). Not a fake down payment which the seller isn’t really contributing towards.

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on April 28, 2011 at 5:28 am — CQRED says:

G Grantham, I agree that we should not push value. But if seeing the 6% on a purchase contract automatically makes appraisers assume a push, and they are on mission to cut the value below the purchase price to prove a point and save the world, that is part of the problem also. I experienced this many times “back in the day” The value was cut unjustly when it was a no brainer and then some, causing hardships and blown deals. The typical low we are getting these days when it easier then giving the “true value”, because its less hassle and a nice pat on the back from the lender is feeding the Big bank dominance that the government and pocket stuffers are determined to create. No blame here, just want a system that allows good people to get a home, and a “true value” instead of some of the “low balls” that have driven equity down in this country even more.

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on April 28, 2011 at 4:57 am — Nelson Jaramillo says:

Again DPA is good but only for your “A” paper client. The only thing that they’re missing is the down payment but your making exception because they surpass the the standard guidelines.

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on April 28, 2011 at 4:38 am — Ted Jernigan says:

We already do a lot of seller paid contributions to buyer’s closing costs here in Texas. We do have a small problem. Unless the seller has significant equity and is willing to give part of it to the buyer, appraisers usually note that the price was raised from the posted listing price in MLS to pay buyer costs and the appraisal comes in at the lower price. Now we have a deal that doesn’t appraise. We had the same problem when all the programs you mentioned were in effect. How do you solve this problem with your version of downpayment assistance? Sellers are beginning to resent being asked to pay the buyer’s expenses.

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- on April 28, 2011 at 6:22 am — mcranio says:
  
  The appraiser is supposed to pull out the real “market value” of a home, based on factual data from the market. When a house sells for $5,000 more than the list price because of DPA, shouldn’t the appraiser recognize that fact and state the real market value (assuming that the list price was derived from market data too)? If not, then the property’s value has been inflated by $5,000.
  Underwriters tend to see buyer concessions as artificial increases in sales prices and will send the report back to the appraiser if the appraiser doesn’t acknowledge in the report.
  
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  - on April 28, 2011 at 7:02 am — mmt110 says:
    
    You’re putting too much weight on some realtors actually doing the work to determine fair market value. Some list for what the high price the seller wants (trolling for buyers) and some others list low for a quick sale (trolling for buyers). Very few hit the nail on the head with list price = fair market value. Those very few are the great list agents, and most MLSs are not full of great agents.
    
    Fair market value is a narrow range (1-3%) in most markets. Appraiser opinion comes into play to create that range (the two appraisals required on an FHA flip showcase this, as are lender denials on conventional loans where the appraisal is not transferrable). All I ask for is to appraise to value, not to contract, and deduct concessions like you’re all supposed to. If the fair market value supports the contract, great. If it does not, that’s also great. No one wants to overpay and everyone wants a true representation of appraised value. An appraiser’s job is hard, and few appreciate the hard work it takes to fully analyse the market. Thank you to all those appraisers who honestly report value without consideration to the contract.
    
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on April 28, 2011 at 4:37 am — 3.5% is Peanuts says:

After surviving the tornadoes in the southeast, I have to do a bit of shopping today. Gas (up over 100% from 2 years ago when ou fearless leader took office), Milk (up 21%), Fruit (up 30%), etc..

My point is — while some may argue that if a buyer cannot save 3.5%, they aren’t worthy — I find that preposterous. With costs up, families are struggling to save. Many are perfectly able to live month to month and would rather buy. Raising a sales price to finance down payment only 3.5% is no biggie. (See gas prices – we still buy).

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- on April 28, 2011 at 5:55 am — GaryP says:
  
  If they aren’t able to save paying rent, then why would they be expected to save with a mortgage payment? What happens there is some major financial shock in the family, a lost job, a medical emergency, etc.? Isn’t your rationale similar to what got us into the situation we are in now? Admittedly, I’m playing devils advocate here. But that is going to be the argument against your reasoning.
  
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- on April 28, 2011 at 6:50 am — mmt110 says:
  
  Let us not forget that the MIP premium went up 209% in 200 days (10/1/2010 – 4/18/2011).
  
  The best solution is a 3.5% FHA financed option or a true 100% option, not a sales price increase. Borrowers need to meet high standards for this type of program. Many state programs have a 100% FHA option (96.5/100). Why not have FHA roll out a national 100% FHA option.
  
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on April 28, 2011 at 4:19 am — G Grantham says:

Spelled checked this time
As an appraiser I’ve seen the good and the abuse of DPA programs. Nehemiah in particular was abused around here adding 6% to the listing price to finance the entire 3% down + the DPA. Raising the listing price to cover what was to be more of a benevolence from the seller was against Nehemiah policy and code of ethics. But it went on anyways – and was simply a small part of the larger picture that represented what was wrong with the lending/appraising/DPA system out there that brought us to where we are today. DPA’s may include some appearance of shady but over-abuse of this will become just another wrong that to be righted — again. We need something to help get things going – for ALL of us. Correctly applied DBA’s would be great; their abuse would just cause them to go away again. Appraisers covering that increase and pushing the values to include the DPA is likely not going to fly so easily moving forward so DPA’s may be somewhat more gaurded in that sense also.

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- on April 28, 2011 at 6:04 am — GaryP says:
  
  I agree. In my market, it was the builders that were using the DPA programs and the only way that it could work for them was because they had their own in-house appraisers. HVCC, and the equivalent policy at HUD, has put an end to that. I just don’t see how that would ever work. Also, as I noted earlier, DPA worked in a market where homes were worth 5-20% more when they completed than when they were started because of run-away appreciation. That is certainly not the case today. Even on re-sales, the values were climbing after the house was listed, making the math work out easier. I had appraisers telling me that they could use “future appreciation” in their valuations. Good luck with that today.
  
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on April 28, 2011 at 4:17 am — doitright says:

45 % of the closings are depressed sales cash ( meaning the bank owns them) , the rest have no equity to give seller help . Waste of time , we need jobs and values to bottom out plain and simple. Stop trying to get the idiots to buy a home in this market. Let them wait so that they dont lose value in the next few years . When will we become honest and just admit real estate blows in the USA right now and for the next few years or more . Go down any street , count the homes for sale , then knock on the door ask them is it bank owned ? If the answer is no then ask can you afford to help the buyer at this point ? the values are not there. Just doitright

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on April 28, 2011 at 4:16 am — G Grantham says:

As and appraiser I’ve seen the good and the abuse of DPA programs. Nehemiah in particular was abuse around here adding 6% to the listing price to finiance the entire 3% down + the DPA. Raising the listing price to cover what was to be more of a benevolence from the seller was against Nehemiah policy and code of ethics. But it went on anyways – and was simply a small part of the larger picture that represented what was wrong with the lending/appraising/DPA system out there that brought us to where we are today. DPA’s may include some appearance of or actual shady but over-abuse of this will become just another wrong that to be righted — again. We need something to help get thing going – for ALL of us. Correctly applied DBA’s would be great; their abuse would just cause them to go away again. Appraisers covering that increase and pushing the values to include the DPA is likely not going to fly so easily moving forward so DPA’s may be somewhat more gaured in that sense also.

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on April 28, 2011 at 2:56 am — Nelson Jaramillo says:

Also have 3 different mortgage quotes from 3 different lenders or brokers plus have taken the buyer education course.

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on April 28, 2011 at 2:45 am — Nelson Jaramillo says:

Yes, bring back DPA programs, but only for 700+ FICO, 31/43 ratios buyers with a solid work history and 2 months reserves. Since they won’t have any “Skin in the Game” they MUST have the Credentials

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on April 28, 2011 at 1:41 am — http://nickage.wordpress.com/2011/03/31/zero-down-home-loans-in-everett-wa-are-still-available-but-for-how-long/ says:

Hey my BFF (Brian and Freaking Frank) Yes the DPA does help sell homes, and is certainly better than charging tax payers that aren’t involved in the transaction, but honestly, if someone can’t save 3.5% or get it gifted from mom or dad or sis or bro or cousin etc, they are pretty weak borrowers. And don’t pull out the VA default rate comparison cause them folks are the only loan group that have guaranteed income into the future. Think Big AND Work Big

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- on April 28, 2011 at 4:44 am — Tom Eline says:
  
  We need to remove the tax payers and charity from home ownership. To own something, we must pay for it ourselves. Home buyers and the country as a whole will be much better off if we first save for a significant down payment, closing, moving and furnishing costs. Rather than subsidizing people into homes and loans they can’t quite afford, let’s try waiting until they can truly afford it.
  
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