Posted by
Sunny on Thursday, July 24, 2008 1:45:40 AM
So those who qualify as "being in trouble," will be getting some sweet deal? They get to have the house they currently struggle in...reappraised. That's pretty sweet, for property taxes alone. But then the "owner" gets a new FHA loan to get them off the (I'm an embecile but wanted something big and expensive to make up for my lack of completing grade school) variable high point gonna get ya in a year mortgage. And (God be Praised) the new loan will be at the lowest fixed rate possible and will apply to 90% of the brand new appraised value. Cool, a free 10% down payment, low rate, and the house is worth less but forget about depreciation...FHA just took care of that. The fine American people take care of the loss to the original lender and the 10% down.
Now, like all other FHA loans you will need to pay Mortgage Insurance. It's a (wise) judgment call.
Now if you go through all this and sell withion 5 years, the FHA wants some payback, but the chances of following through on that is slim, no worries bro.
I'm no expert but I think I can read, well hope I can read. Blood has massed in my head and is beginning to come out my pores. No need for a facial this month.
I have to be wrong...this really isn't about to be signed into law.