Here we go again. Those “fat cat bankers” as Obama called them are at it again. Despite the Financial Reform Bill, it is starting all over again. Anyone with a credit rating of 640 and $1,000 can buy a house. You don’t need home owner’s insurance. And, if you are laid off, no problem, for 6 months no payments. Who is making this offer?
Chris Dodd and Barney Frank. Freddie and Fannie. It’s a replay of the need to stimulate the housing market. But, it’s really income redistribution again. We keep pouring tax dollars into Freddie and Fannie. With guidance from your government, they can’t stop taking undue risks.
Let’s say someone meets the criteria to get one of these mortgages. They get the house, they don’t get laid off, but the roof leaks. Whey does the money come from to fix the roof?
What percentage of these bogus mortgages will go bad? Fifty percent, seventy-five percent?
Here’s a step by step plan for the state of Illinois. A state that is broke.
•Step 1
To get the assistance through the State of Illinois the first step is to understand the program and what assistance is available. The program is called Illinois Home Start Program and it offers up to 3% of the purchase price of your new home for down payment and or closing costs when you are buying your new home. Illinois does not lend you money but they give you the assistance. The loan comes from a participating lender and the loan is based on the FHA guidelines. The complete guidelines are listed on the Illinois Housing Development Authority web site.
•Step 2
Understanding the benefit of free down payment assistance and how you can purchase a home that you might not have been able to because you did not have enough money to close, now you contact a participating lender who will pre qualify you to purchase a home under the FHA Guidelines. The Illinois Home Start Program has 2 additional guidelines that most who qualify for a FHA loan today will meet. First you must have a minimum credit score of 640 and secondly your debt to income ratio can not exceed 43%. Your loan officer can help you determine if you qualify based on these factors and can pre approve you to receive the assistance.
•Step 3
After you have been pre approved and before you close the loan. You must take a first time home buyer class through a HUD certified agency. This class will help you understand the basics of buying and keeping your home. It is highly recommended for all first time home buyers even if they are not seeking down payment assistance.
•Step 4
Once you have been pre approved to get the FHA loan and down payment assistance, then you and your realtor go out and find a home that you like to based the amount that you have been approved to purchase. Once you have found a home and have an accepted contract your loan officer will register in Illinois Home Start so you can receive down payment assistance.
•Step 5
Finally, the lender closes your loan and at closing you are credited 3% of the purchase price toward your down payment. One last thing to note you must have a minimum of $1,000 as your investment in your home. That is a good deal. For as little as $1,000 you can buy your first home by getting down payment assistance in Illinois for First Time Home Buyers under the Illinois Home Start Program.
Read more: How to Get Down Payment Assistance as a First Time Home Buyer in Illinois | eHow.com http://www.ehow.com/how_5647926_down-time-home-buyer-illinois.html#ixzz0vszIZex3
Someone has to stop this insanity. That someone is you and me. The momentum is building.
These bums are so arrogant they think they can do whatever they want. They don’t answer to anyone but themselves.
Remember when Bush let the Democrats take the Congress? The next day a contingent of Republican leaders met with Bush. He was told he had to fire Rumsfeld. He was told he wasn’t calling the shots anymore. They and the Republican party leader were. He had done all the damage he would do to the party.
That same conversation needs to take place with Obama in November. The bloodbath in November must put the same fear of God into the Democratic leadership. They need to put the leash on Obama and stop him from further destruction to the party.
It’s the best hope we have until 2012.
