First Time Home Buyer Loan FHA Mortgage After Foreclosure RealEstateMarketingThisWeekcom

http://realestatemarketingthisweek.co ... - Guidelines regarding foreclosures and FHA First Time Home Buyers -

Part 7 - Ok I Was Just Checking Because I Thought This Was a story about All the Mortgage Backed Securities That Were Going Under. It Started at the Top and It worked Its Way down.The reality of It Is That People were buying homes, not reading What They Were signing, not understanding how It worked and shame on The People Who Were putting it in front of 'em, "knowing optometrist didn't know and We All Need to take a little responsibility "here for this past crisis. It Is not just the Wall Street firm, and its not just The Mortgage Companies and banks, tea brokers in Fact Have Little To Do With It, WE didn't create loan products That The People were buying, We Were Merely Disseminating It To The Public. I am glad to say I Was not a part of "any of That. I Was Able to stay away and do traditional, Conventional financing for such people. So luckily I didn't Have a lot of customers stuck Who Got Into That nightmare.

Speaking of That nightmare, Dan When We Talk About The People Who Have HAD foreclosures, Their Lives Have Been Turned Around, And They Turned over Think That There Is no where to go for 'em. One Of The Nice Things About the Federal Housing Administration loan, The loan FHA, thats the first time home buyer loan type, The minimum down payment loan, Its Only 3 Years After You Have Had a foreclosure That You Can Qualify to purchase a home again . So it IS important if You Have Had a foreclosure, You Need to point your future away from The Flame, You Need to save your money, do your best, work as tightly as-you-can on a budget and look forward to That Time When You Can go back out and buy a home again.

Property values are going up to Be Where They are from today, to There Is Still Going To Be Plenty of great value out there and There Are Not Going To Be That loan products are going to get you in trouble again. THEY wont exist. What Really Caused The Great Inflation in home values starting in about 2002 Was The financing Was Just getting crazy.I wont get Into A Whole Lot of Technical stuff about mortgage backed securities and All That, But The lenders Were Creating products, selling 'em off Their books, thinking optometrist Would Never Have to Worry About Them again.They sold trillions of dollars worth of loans and thesis Those Are The Ones That Are going bad.

Toxic Ones That Were In The First Place: the Stated Incomes, The option ARMs, All Those loans are all gone now.I WAS Earlier today Saying That We Are Back to Where We Were in financing in 1992-1993, back home When The median Price was $ 75,000. Now I dont think we are going to go anywhere near That again, I think at $ 130,000 we are getting real close to the bottom of the Market And What I Was Thinking WAS When I got Into the business in 1995 and You Were in at About the Same Time I Was, and I remember talking to a Guy Who Comes Into Our Office to sell us Loan Program, now This Is The Beginning Of The really very crazy stuff, and He Was Saying We Can Do 70% No Doc loans.

We go, What do you mean? If somebody puts down 30% THEY dont have to verify Anything, They dont have to verify Their emploi; THEY dont have to verify taxes, anything. We Were absolutely floored, goal by The Peak of the Market We Were doing 100% No Doc loans. If You Were THEY breathing Gave you a loan & the credit scores didn't Have to Be That High, I think I saw 'em as low as 600 ... http://realestatemarketingthisweek.com