So why do we need to give first time homeowners $25,000 to help buy a house when you can get a zero down FHA loan already?
More importantly, where is MY $25 grand? Why should Kamala take my money and give it to someone else? I could use a chunk of cash to pay on my mortgage.
2 comments:
I worked for a first-time home buyers program. We 'gave' people up to $10K for a down payment. The people wanted a home so badly that they insisted they could get the bad roof replaced with next income tax refund. We had the power to refuse a grant so they would not do stupid things. I could write a book about poor decisions. The thing that surprised me was that 'first time homeowner" was someone who had not owned a home in the last three years.So, they could have lost a home or sold it and still qualify. I often wonder how many kept their homes. They could not sell it without paying back the grant unless they had lived in it and paid mortgage for many years, maybe fifteen.
It is not a good program in my opinion. It did get me out of a speeding ticket as I explained this program and gave him literature.
Federal Gov had a 235 program but it was going to expire so big push on to use up the money. But with ours it was new home only. Four builder's were approved and they submitted plans for 4 style homes. But we couldn't fudge the ratio's, had to have fairly good credit and stable job. People would line up to get in so to get their applications in. I had people scream at me, pound my desk, cry. Called one woman, heartbreaking story absolutely positive they would never be approved. Called her the day she got approved, she dropped the phone and fainted. But we got maybe 400/500 new homes built and made new homeowners.
Side note - sold a rehabbed house to first time buyers and about 7 months after closing he called and wanted to know when I would come and change the house filters and wanted to talk about the garbage disposal. Quite surprised to find he had to do these items himself.
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