Skip to comments.20 Year Old Buys Home With $183,000 FHA Loan And Just 3.5% Down
Posted on 10/25/2009 10:51:43 AM PDT by newbie2008
Denise Tejada bought a house last month at the age of 20, thanks in large part to a loan guaranteed by the Federal Housing Authority. This story offers a dramatic demonstration that, despite the housing bubble causing the worst economic downturn in generations, the ideology of home ownership is alive and well in the United States and still being supported by the government. Without question, Tejada's loan is toxic--to her and to the taxpayers who are backing the loan. Her house cost $155,000. Tejada's loan was apparently made on a micro-down payment of just 3.5%, the minimum down payment to qualify for an FHA loan. On top of this, however, she got an additional government backed loan to make improvements. Her total loans amount to $183,0000. In short, she was immediately underwater on her new house.
(Excerpt) Read more at businessinsider.com ...
Or she could be a mail order bride for Japan...they pay by the pound.
Why are Hispanics getting reparations?
FISCAL YEAR 2009 HOUSING COUNSELING GRANTEES 12 DISTRICT OF COLUMBIA
13 Washington NATIONAL COUNCIL OF LA RAZA $1,120,501.00
14 Washington NATIONAL COUNCIL OF LA RAZA $150,000.00
15 Washington NATIONAL COUNCIL OF LA RAZA $1,260,117.00 Local Housing Counseling Agencies; Multi-State Agencies; & State Housing Finance Agencies Total: $ 23,831,728.00 MORE- http://188.8.131.52/search?q=cache:AYlHNjQv3jcJ:portal.hud.gov/portal/page/portal/HUD/press/documents/Housing%2520Counseling%2520Grants-byState.xls+%22National+Council+of+La+Raza+%22+site:portal.hud.gov&cd=1&hl=en&ct=clnk&gl=us
City Seeks Properties for Purchase: Implements Neighborhood Stabilization Program
— Thursday, October 15, 2009
The City of Las Cruces is seeking eligible properties for purchase under the U.S. Department of Housing and Urban Developments Neighborhood Stabilization Program (NSP). The program is part of the Housing and Economic Recovery Act of 2008.
Under Title III of the program, the City of Las Cruces received $1.5 million in federal grant funding through the State of New Mexico, to purchase and redevelop foreclosed or abandoned, blighted or vacant properties.
According to Jerry Nachison, Housing Development Coordinator in the Community Development Department of the City of Las Cruces, The City is initially looking to purchase about ten to twenty properties from owners willing to sell. Were looking for minimum size - one bedroom, one bath and up to four bedrooms - single family dwellings, including condos, duplexes and town houses, with at least 150 square feet of outdoor property. He also states, The value of the properties sought by the City is between $50 thousand and $100 thousand.
Once the City acquires the properties, it will transfer them for rehabilitation to non profit organizations such as Tierra Del Sol Housing Corporation, which will use the properties for affordable home ownership.
As properties are rehabilitated and sold for homeownership, the money generated will return to the City of Las Cruces where it will be used to purchase additional properties. We plan to continue this activity through April 2013, Nachison said.
Corporation Receives Funding to Improve Homes in Colonias
Friday, October 2, 2009
WASHINGTON U.S. Senator Tom Udall today announced the Tierra Del Sol Housing Corporation will receive a $121,848 grant to repair and rehabilitate the homes of five low income families. FIVE FAMILIES???? In addition, Tierra Del Sol will provide more than $300,000 from other sources to help with repairs.
The funding, from the U.S. Department of Agriculture Rural Housing Preservation Grant program, will help repair leaking roofs, plumbing and crumbling foundations. It will also be used to pay for additional insulation, caulking and energy-saving windows and doors to cut down on monthly energy bills.
Families in the Colonias all too often do not have access to safe affordable housing. This grant will provide resources for five Anthony families to improve their homes and save money by cutting down on high energy costs, Udall said.
No argument that the mortgage approval was stupid, stupid, stupid. But I have to question a story that picks apart a loan approval but has to use the word "apparently" over something as basic as the amount of the down payment. Why is the amount of the down payment in question?
Just propping up the overpriced housing the normal consumer wouldn't prop up.
My son bought his forst home in 2008. He found out from his accountant just a month ago that the $7,500 homebuyer credit he was counting on his 2008 return was gone. There was a virtually hidden $75,000 income limit on that program that he or I never knew about.
Exactly. We did something similar back in 1993. My husband and I were both 23 and put down the minimum down payment. But...we bought a home within our means.