Getting a Mortgage in 2010: 10 Things to Know

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things can get hard in the world, who ever said there was a guarantee that everyone would always prosper and be able to forever meet the financial obligations they've chosen to take on for themselves? If things take a turn for the worse and people aren't able to do that (as well as ALLOWING themselves to be fooled into, or being irresponsible enough to take on sub prime mortgages that they couldn't afford. If things go wrong in that climate, it's all Obamas fault?? (even though the situation was already flying on an irreversible course toward this situation before he took office- but that's beside the point). Everyone is looking for someone else to blame, the president, the rich people on wall street, the lenders... how about being responsible and realistic enough to budget and know what you can and can't afford... financial planning that accounts for problems in the future. I'm not saying everyone can plan for or forsee everything, but if it DOES come to that, people should realize that the world can be a tough place, nobody is entitled to having everything they want or need from someone else if they end up not being able to provide it for themselves. When times are tough some people complain, point fingers, and look for handouts, while others do what it takes to get themselves through it the best they can. I'm not against helping people by any means, I hope we can do as much of that as possible, but I think it's ridiculous when people point fingers and chastise others as if they are /entitled/ to the help, or feel that help is the complete responsibility of others.

me of WA 10:00PM January 29, 2010

In Washington, my oldest son has been without a full time job for over a year even though he is a foreman in an electricians union and a longshoreman. He has lost his home of 20 plus years and had to move he and his wife and three school aged daughters in with his in-laws. His wife has a job, but doesn't make enough for them to have (rent/won) their own home and feed their family. Another son is just one month from the streets as that is the last of the money he had saved, being out of a job for several months now (construction). He has nowhere to go except here with me in Arizona where there are no jobs for him in construction, either. The jobs have been going to illegal immigrants. That means he will have to break up a relationship of four years to do so. Both want and need to work but where are the jobs. All self esteem has gone out the window and I fear for their well being.
My home is now probably of less value than the mortgage I have been paying for 10 years now. I have no recourse but to ride this out. What else is there to do except walk out????
What is our nation becoming? A place where honest men cannot make a living to feed their families and live in their own homes. Who have the jobs gone to? Where have they gone? What do we do to change all of this insanity? I don't believe that our president is helping our citizens at all...... HELP!

Madeline of AZ 2:39PM January 28, 2010

One quick observation: throughout the economic crisis, there have been numerous comments, snide remarks, etc... about many unqualified borrowers who secured undocumented mortgages which they shouldn't have and the fact that they bear full (or at least partial) responsibility for that. Therefore, it is said, they only deserve what they have gotten.
What is Never discussed during our wonderland of magnificent recovery is that with the economy now in double digit unemployment along with a host of other, negative effects across the board, there are now millions of Americans who may have had perfect credit two years ago, but now have lower scores despite having always paid on time, having long term employment, etc... After receiving staggering Bailout monies, all of the large financial firms have responded by raising interest rates and simultaneously limiting credit for All customers including those who have consistently paid on time. Many of them have also reduced lending to the lowest levels in 20 years across the board, again regardless of fully documented, individual situations which clearly demonstrate long track records of responsibility.
Entities bear responsibility for their own actions, decisions, and repercussions. This rule must include individuals as well as lending entities.

Mike D. of PA 10:48AM January 28, 2010

Tightened lender requirements.....still so many options to make your real estate dream home become your reality. If you want it...plan, focus and make it happen. Real estate values at all time lows on the market available for sale. Interest rates still attractively available which are better some with greater higher fico credit scores...and if you are in that marginal category...you can still qualify for a slightly higher cost for borrowing and must show proof of income and qualifying requirements. Our Obama administration and government are trying to stimulate our economy for the benefit of all our country and the priviledge of the tax free credits which will not last forever remain available for a very limited time...where can you make up to $8,000 or up to $6,500 tax free money and not have to pay it back? In this quarter meet the guidelines and requirements to be eligible...all the conditions to help you into a home and live the American dream are so good right now. Mortgage protection plan for all first time home buyers too! California's economic forecast predicts 2011 and 2012 to show signs of annual appreciation in property values. Now is the best time to purchase, delaying your decision to purchase real estate will cost you more in future months. You will face increased mortgage interest rates, increased requirements for down payments, increased property values will mean higher listing property asking prices for homes on the market for sale. the tax credits will have expired....no more tax free credit money to help you off set your annual income at the end of the year after you have made your new home purchase. Now is a great time to purchase real estate and make that investment that will continue to reward you year after year.
Sincerely,
Saundra Allman, Realtor DRE #01188528
Realty World Blue Property Group

Saundra Allman of CA 8:00AM January 27, 2010

Do American's not go to school anymore?

Larry of OR 9:32PM January 25, 2010

I tend to envision the Fed as being this uncontrollable Jabba the Hut creature that cannot stop eating toxic mortgages-
God help America

Qwerty of MD 11:12PM January 23, 2010

whatn is fica and ceo and fha

christian obinna of NY 1:07PM January 21, 2010

Who ever wrote that article must be Mickey's uncle, If one needs a 690 FICA to buy a house that leaves about 60% of the population out. How is the housing market going to get better - I guess they will live in Disneyland!!!!!!

Jim Mora of CA 1:20AM December 30, 2009

What's wrong with viewing the cup half full. Faith, hope and optimism goes along way.
Remember, We the people of the United States, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the United States of America.

My Cup Runneth Over of VA 6:51PM December 28, 2009

In my 65 years, I have never seen our Government in such denial. My husband and I was forced to sell our home as a Short Sale. It was an FHA loan. We just could not affort 50% of our income going to a house payment. Because we live near the Gulf of Mexico our homeowners insurance is over $5,000.00 a year. I must say it was our own fault for buying a home near the Gulf and did not do the research, but who would have thought. Anyway I guess we will be out of luck trying to buy another home. Does anyone know how to go about this, because surely we are not the only ones with this problem. We were told that a Short Sale was much better than a foreclosurer. Our government needs to look out for its own people instead of spending Billions for that unwinnable war.

janice cahill of AL 3:29PM December 28, 2009