FHA Loans and PMI

[luvmylabs23139]

I just think it is not good to PMI for life of loan if they can't put down more than 10%. That adds to the cost and not towards equity or tax credit. At least my VA is worth something again.

Ya know that these days PMI is a write off but it wasn;t back in the day.

[luvmylabs23139]

I guess the real issue for me is the gubment telling a bank what they can and can't do. Housing loans are kind of weird in that someone paying $950 a month for rent for the last ten years wants could buy a nice place and lower their payment. Say they wanted a $100,000 house which would make their monthly payment go down but because they can't come up with $10,000+ for the down they couldn't buy. Many bankers might look at that and say, this person has a great work history, has paid $950 per month for housing for the last ten years, and be willing to give that loan. Person 2 may have been living with someone else, barely be able to make the monthly but inherit enough from a dead aunt to pay the down. They fit the guidelines but could be a really bad investment.

Lets look at the flip side of the gov't being in housing. We thought we bought our condo back in 94 near the bottom after the condo market crashed in CT. We could not sell for what we paid for because the govt took our hard eraned money (taxes) and gave it to section 8 (a property value destroying prgram). The complex lost the FHA owner occ ratio so no more FHA loans so guess what more investors and more section 8 and more slime. SLime across and below us and we were forced for them to live there and make our lives a living helll while they sucked the life blood out of us. YOUR GOV"T AT WORK!
Eliminate all section 8 and put them back in the prijects or better yet cages. I worked for my home and the gov;t made me pay for someone to live next to me and destroy it!

[kjrice]

Ya know that these days PMI is a write off but it wasn;t back in the day.

It is always subject to change.

[luvmylabs23139]

It is always subject to change.

Yeah, that would be a good "loophole" to eliminate!!!

[Socks]

Lets look at the flip side of the gov't being in housing. We thought we bought our condo back in 94 near the bottom after the condo market crashed in CT. We could not sell for what we paid for because the govt took our hard eraned money (taxes) and gave it to section 8 (a property value destroying prgram). The complex lost the FHA owner occ ratio so no more FHA loans so guess what more investors and more section 8 and more slime. SLime across and below us and we were forced for them to live there and make our lives a living helll while they sucked the life blood out of us. YOUR GOV"T AT WORK!
Eliminate all section 8 and put them back in the prijects or better yet cages. I worked for my home and the gov;t made me pay for someone to live next to me and destroy it!

Although I don't agree with the way you said it, I will say that I would fight Section 8 housing anywhere near me. It litterally does nothing, but destroy the housing market where it shows up. My argument to the bleeding hearts that want it is that if they want it so bad they have it next to their house. Then lets see how fast they back peddle.

[luvmylabs23139]

Although I don't agree with the way you said it, I will say that I would fight Section 8 housing anywhere near me. It litterally does nothing, but destroy the housing market where it shows up. My argument to the bleeding hearts that want it is that if they want it so bad they have it next to their house. Then lets see how fast they back peddle.

I said it the way anyone who has lived thru the nightmare would say it! A few examples of things that happened. THE welfare section 8 directly below us ( no she did not work if you eliminate the drug dealing) had a brand new car while my paid for car was 8 years old and hubby's was 4 years old. She would come home late at night and if no close parking spaces rather then go to the overflow lot she would block my car in so I would have to pound on her door and hope to awake her to move tthe illegally parked car so I could go to work.
There was a fire zone by the entrance to the door to 6 units with a parking space on either side. Well, she would park in the fire zone if no open space near the door! SO those of us the normally got the spaces on either side had to rather than parking to leave the fire zone, walk way as wide as possible especially in the winter started parking on the lines so she could not fi her car in there. Went to take my dog out one snowstorm morning and was met at the common doorway by a drug dealer and a pit bull visiting her I guess overnight who told me to move or his dog would tear us up. Mickey told his his dog off and pitbull put his tail between his legs but they again had a car parked blocking everyone in.
NO laundry or towels to be hung over balcony railings but she would dry her jeans out there again againt the bylaws almonst everyday in the summer. HAad enough one day as my window box flowers needed watering. Finally watered the dying flowers, splashing lots of mud (yup a maxed out the splsh factor at that point) doen onto the ILLEGAL laundry. The bitch came upstairs and tried to attack me and tryed to claim my dog waspeeing on the deck. Bad scene. I could go on and on. How about the one directly across from me Tracy with her 5 year old whos daddy was in jail.