What if the first-time-homebuyer tax credit were changed to a loan guarantee and increased?

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Posted on Feb 28, 2011 | 5 comments

For example, instead of getting a rebate of $ 8000, the homebuyer could get a 2nd mortgage, guaranteed by the government, to cover the down payment, so people could buy with zero down, at low interest rates and no PMI.

Would that be a non-starter, because the PMI companies would lobby against it?

Were can I get a mortgage,bill consolidation loan, my credit is fair but going down fast?

Burning taxpayer & shareholder money -- "No Hassle" The last straw was the recent hike in interest rates -- spiking up to 30% APR.For me -- with a premium rated ...

Is it possible to get a mortgage loan with poor credit?

I filed bankruptcy about 4 years ago and my credit has been raising slowly. I pulled my credit report and found two medical collections against me that were ...

Has anyone ever heard of a bank that says that they can guarantee a home loan closing within 72 hours?

We have been in a real estate dispute (please read my other ?s i posted for more info) with a buyer on our residential property. We live in FL, ...

Are mortgage loan points tax deductible, if I bought a house and there is a seller credit for closing costs?

I bought a home and made a higher offer with a big credit on closing costs to be paid by the seller. A loan officer told me the ...

Has good credit, and good work that I have to pay bad credit, low paying jobs we can find a home loan with?

Alternative We are busy, and we would like our families and lives to the mix. He owns a house and use it as rental income. And approved it in advance ...

Can i get approve for a mortgage loan with a credit score of 585?

My wife and I are looking into buying a house (The American dream). But our credit scores are low. My credit score is 575, 585, 590. Can we qualify for ...

My parents need a $10,000 loan but there credit score is 550 they need it to move in rochester ny; suggestions

A thief of a mortgage company has charged my parents an arm and a leg for their mortgage and is forcing them to leave. Their credit score is low ...

Illegally changed bank statement for a mortgage loan?

My friend illegally changed her bank statement for a mortgage loan. She didn't think that this particular lender would do a "verification of deposit" with my bank. ...

What is the minimum credit score for a mortgage loan?

I have been working on my credit and I got it to jump up 50 points, but im not sure of the new credit score minimum I want to get ...

If you file bankruptcy on a loan you were co borrower on can the mortgage co still show you on the loan?

I surrendered the property to the co borrower. My bankruptcy was discharged. I noticed this loan is still showing up on 1 credit bureau. I called the ...

Were can I get a mortgage,bill consolidation loan,

Is it possible to get a mortgage loan

Has anyone ever heard of a bank that

Are mortgage loan points tax deductible, if I

Has good credit, and good work that I

Can i get approve for a mortgage loan

My parents need a $10,000 loan but there

Illegally changed bank statement for a mortgage loan?

What is the minimum credit score for a

If you file bankruptcy on a loan you

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Community Answers

2-28-11

jlf says:

Bad idea. “No down” and 80/20 dual loans are part of what caused the housing bubble and crash. Americans need to relearn the practice of saving up first.


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2-28-11

Home Loans by CAL says:

Sounds good… but no. Some homes are very expensive and getting a second loan for 20% on a half million dollar house, that would be terrible. Also, that additional mortgage may price people out of the market. PMI Companies wont really care as most are close to bankruptcy right now and have really tightened up who they will even allow to apply for PMI.


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2-28-11

sassy25 says:

We do not deal in “What If” scenarios on this site. It is for seeking knowledge or advice.

No your idea will not work. This current mess is due to ZERO down mortgages. If you cannot manage to save for a down payment then you cannot afford a house. There is more involved then paying your monthly mortgage and new homeowners are shocked at having to pay 2500 or more a month to carry the place.


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2-28-11

Doctor Deth says:

how would a “bigger loan” help you? – you would have to pay that money back with interest

the whole housing market collapse happened because people didn’t put enough of their own money into the houses – got zero down loans, low int ARM’s which they couldn’t afford when the rates increases, etc. people with zero down loans risked nothing of their own – if they walked away, none of their cash was invested in the house.

If you don’t have the cash up front and can’t afford a standard fixed rate loan, you shouldn’t be buying a house – it’s just that simple.


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2-28-11

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