Bush proposes 'zero down payment' HUD program

The Tribune-Review ^ | February 1, 2004 | Ron DaParma

[yonif]

Potential good news for prospective home buyers is a proposal by the Bush Administration to include a "zero down payment" mortgage as part of the U.S. Department of Housing and Urban Development's 2005 fiscal year budget. The proposal could generate about 150,000 additional home buyers in the first year alone, according to HUD officials. The proposal would allow qualified home buyers to avoid the current 3 percent down payment requirement for a Federal Housing Administration loan. Such FHA-backed loans can be as high as $173,423 on a single-family house in the seven-county Pittsburgh region.

[CFW]

The home building industry must be kept active ... if there is no one to buy the homes ... just give them away.

Single family home building is the benchmark of the economy.
I fear someone is trying to headfake us.

[Broadside Joe]

Yes they will because it isn't the fed that loans the money but rather, it is funded by mortgage backed securities. The Fed only insures them.(payed for by the buyer)

BTW the VA loans you spoke of had qualifying guidelines that were so lax at one time that they almost gave you the rope to hang yourself with. (that has changed though)

[Broadside Joe]

Yes for those that don't know, counting ONLY the people involved in closing a sale, there is said to be an average of 70 people involved.

Now when you talk about new construction or upgrading carpets, painting or buying new furnishings that number can almost go off the scale.

[taxed2death]

You've got it all wrong....you should buy 3 and 4 family houses....slap a coat of paint on them....bribe the section 8 inspector with $100.00 so he "passes" inspection, rent them out to single moms with three to 4 kids....so they get 600.00 per kid, per month and the Gub-mint picks up the housing tab too. All you do is sit by the mailbox and collect $2000.00 to $2800.00 for each 3 or 4 family house. You too, can be a government subsidized "slum lord"...It's domne every day around these parts!!! You can't beat those Gub-mint checks!!!

[Kirkwood]

OH. Well to me young means under 40. I'm getting pretty old. I've watched these adults save money but they wind up spending it on better schools for their kids, education for themselves, etc, etc. I still think this is a good idea. It isn't a welfare program and they wind up paying the cost over the life of the loan.

[AuntB]

"Bush is more than willing to help. Its "compassionate". "It is easy to be compassionate with anothers money."

Isn't it though? This is so very irritating while people are losing their homes, typically because of some government bureacracy. I waited on a SSA disability claim for 4 years and had to sell my home that was paid for.(Bought, by the way, by a "permanent resident alien"...from Canada. So I scaled down and will now lose this new home to medical bills. It happens every day. Or some enviro freak group gets you ran off your land. Or a dozen other scenarios.

This program will be for those who never showed enough incentive to buy a home. But it's a big voting block.

[nygoose]

Maybe you should help them out.

[Willie Green]

Why is gov't involved in this at all? If this is such a good idea,private enterprise can take these risks.

Because with the government subsidized foreclosures, banks can sieze the property with no money down.

[KeyLargo]

How many more giveaways is Bush going to have with our tax dollars?

When is he going to listen to his base?

I plan on holding my nose and voting for GW but I know that I will have regrets.

Does GW just assume that his base is a given?

[exit82]

Thanks for sharing your story. I hope you find a buyer and don't lose your shirt.

HUD is another agency that accomplishes nothing. I've dealt with these arrogant asses on a few occassions--if they had to live in reality like the rest of us do, they'd be out on the street in a heartbeat.

[exit82]

Nice business,heh? How else would they afford to give us that free toaster?

[JSteff]

"This should help the rate of foreclosures increase. Basically the government is helping them have a house instead of renting ---- but they won't have anymore into the house than they would have put into a rental "

You are right and I agree.

[David Isaac]

"I plan on holding my nose and voting for GW but I know that I will have regrets. Does GW just assume that his base is a given?"


He certainly can feel a little more comfortable than his father did. Conservatives failed to "hold their nose" in '92 and look at the results of that election. People with principles must be kept in line somehow, in this tweedledee-tweedledum election process.

[Thinkin' Gal]

But the explosion of government programs and entitlements and vouchers and tax abatements and every other kind of scheme designed to let an ever-expanding class of mooch gulp down my tax money has finally killed me.

You refuse to submit to the government beast, so it by nature, is compelled to trample you under foot... but probably not before it diagnoses your uncooperative rebellious nature as a mental illness.

Have a nice day.

[rmmcdaniell]

How many more giveaways is Bush going to have with our tax dollars?

When is he going to listen to his base?

I plan on holding my nose and voting for GW but I know that I will have regrets.

You just answered your own question. He'll never listen to his base because of dumba$$es like you who would vote for him regardless of what he does.