Obama Expands Housing Rescue (Again): 5 Things to Know

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Trying to secure a VA loan if your on social security only with a small amount of savings is difficult. Although the 100% financing is available, if you purchase a home that needs necessary repairs, ie roof, the VA will not let you include that cost in your mortgage amount, even though you might qualify for a higher mortgage amount.

Rosemary of TN 12:39PM October 28, 2009

I think that we reach this depression thanks to the greediness of the big corp. they don't want to make 100% profit they want to make millions per consumer and there is no law and regulations to control this!!!!. example the credit companies they just go and increase your interest from 4% to 21% and they send you a little note with tiny letter with your bill saying that if you do not agree, please respond and this will close your account, and how come if you have a debt on your credit card thinking that you'll pay thru the year with a 4% and just the next day is 21% you're not goint to be able to pay this and close that account!!!jaja this is a joke or what, someone has to stop this monsters companies.
The same thing with the mortgage companies, they have this contract wording that not matter how you read, the first paragraph will say something and the fifth will override the first one and then you see yourself in an adjustable mortgage after certain years, even if you were said it was fix???????? nice ehh.

Viana of CT 10:31AM October 23, 2009

How about the govt also looking into those homeowners who cant refinance due to an existing 2nd loan--with the new guideline of Fannie Mae and Freddie Mac allowing 125% LTV on the first--there seemed no program for the 2nd loan--that is also a factor why a lot of borrowers cant do refinancing--no lender or bank will subordinate the 2nd.
Is there a way that another program will be out there to combine the 1st and 2nd and increasing the LTV--considering the decrease in value of the properties--this is one of the biggest concern of so many homeowners who are now encountering financial hardship---nothing can be done with the 2nd loan--or maybe again we can have lenders who will do "a stand alone" 2nd mortgage as most of the time the 2nd loan got the extremely high interest rates,
A lot of help is needed by so many homeowners and some lenders are not helping do an "in house loan modification" though they are holding both 1st and 2nd loan---Please we beg you to think about this as many many homeowners are desperate and just wanted to leave their homes--thank you

Pacita Ortiz of MD 5:38PM October 21, 2009

I think all the new initiatives in place just have to run its course. Those who complain are or must be looking on by the fence. First time homebuyers should catch a break. Their are lots of folks I know who work hard and yet can't buy a home due to down payments. Credit cards are another story. This needs to be looked into over and over. One things gets in place they find another door to add more charges somewhere, same with bank institutions...Lets keep this going and hold folks accountable but while also keeping track of the score. Dont forget to check on what you've put in place or else it will fall apart.

Nilda of MA 1:11PM October 21, 2009

The issue of affordable houseing in only part of the problem. 90% of the homes being sold in Phoenix AZ are from $1 to $399K and 85% percent of those are bank owned or short sales. These sales are way up and there actually has been bidding wars on homes in those prices ranges. It does not seem like we need to fuel that market much more with low interst rates it is a great time to buy. There is a concern about the sales equation being off balance...there is one buyer and a bank... the home being sold is not producing another buyer. No move up buyer... The high end market inventory continues to grow...People are figuring out the years it will take to be at parity with their current mortgage balance and no plan or concern from this administration to provide any programs that would allow them to modify their loans...its in their best interest to walk from their homes adding to the huge invertory of homes in that market. There are fewer buyers with job losses and income levels on the decline not to mention the damaged credit of those who have gone into forclosure...this is too big for the goverment...why not provide tax incentives for investors to come and buy with their cash...if they take the risk they should be able to be compensated. Neighborhoods are being re-priced overnight I know a street that 4 multi-million dollar homeowners are just going to walk away from their homes. It will take much less time and effort to re-build their financial lives than to continue waiting for the value of their home to come to what they owe never mind what they paid. They feel like to wait is like waiting until the titanic is safely at the bottom of the ocean to get off the ship. I do not understand why everything is done in reaction mode...an ounce of prevention goes along way! Please look at the big picture...

Terri McCloskey of AZ 2:37AM October 20, 2009

I am a veteran of an outstanding HFA in Colorado. Needless to say I feel they are excellent at what they do to provide housing to the underserved population who cannot obtain housing in the normal market. These are not sub-prime loans or alt-a. These people qualify with dual qualification. 1 is for the program guidelines. 2 borrowers qualify for the loan, based on good credit, job stability and the ordinary criteria based on sound underwriting GUIDELINES. There is the fact that if the 1st set of criteria is not met, the HFA will have a re-troactive bond repayment problem, that is a major deterrent. Also, they are not concerned about fees and making money on borrowers who can not pay exhorbitant fees at closing. I am very, very glad to see this. NOW LET'S SOLVE THE PROBLEM WITH MODIFICATIONS.

b Windom of CO 7:47PM October 19, 2009