Yogi Berra and FHA Loans

On top of that…the projected, new-all-over-again proposal will be subject to a 30-day comment period post-publication in the Federal Register.

And then after that, (once the flood of comments are evaluated), there may be the possibility that it could happen that there might be a potential change to the seller-paids as we know and love them today. I can’t imagine why it’s so confusing. (Insert sarcastic tone here.)

At the end of the day we’re still a month (or months) away even if anything will change on seller paid contributions.

Things That Make You Say WTF

while some may argue that a 10 basis point is not a significant increase, that’s not the point.

First of all, this was the result of a classic shell game (moving a decrease over to increase something else) and second of all, once a fee gets its foot in the door there’s only one direction for it to go. On top of that, this is just one more “small” increase atop a host of other “small” increases that have been passed on to the consumer and can make the costs of borrowing ridiculously unaffordable. Every huge pile of crap starts with one fee increase.

Down Payment Assistance is the Ultimate Coupon

If Extreme Couponing can be a reality show, just think what some down payment assistance can do for your real reality. Both Pasco and Pinellas counties in Florida have revamped their programs and have rolled out some really impressive down payment assistance from their respective counties.

Don’t Play Chicken with Your Creditors

What I’m saying is, even if it means paying off a minor balance you are disputing or submitting a letter to rescind a dispute so your mortgage process can proceed, you can move on with your life (and home purchase!).

How do our friends at Wikipedia define playing chicken? “The principle of the game is that while each player prefers not to yield to the other, the worst possible outcome occurs when both players do not yield.”

At the end of the day, sometimes you need to back down in order to win.

Florida Mortgages and The Loch Ness Monster

Conventional loans with 5% down do exist and are still the gold standard as far as I’m concerned. With no upfront costs and a much lower monthly mortgage insurance payment to contend with, you still come out better off even with the extra 1.5% down.

At the end of the day, if your client is planning on occupying the property themselves, the conventional is truly their best bet across the board. Nessie does exist and so do great home financing solutions.