Blogging Broker

Back in April I called: FHA – THE NEW SUPRIME LENDER

Now I’m not alone

Toll Brothers Inc. Chief Executive Officer Robert Toll said. “Yesterday’s subprime is today’s FHA,”

It’s crazy!

It’s OBSCENE!

A buyer puts in an offer for quarter of a million dollar home, puts up $8750.00 and asks the seller (more often than not: A BANK) to pay the closing costs. Closes on the the home then gets a $8,000 tax credit.
Assuming you have the credit and income, buying a $250,000 home today is almost without risk and can be done almost entirely using OPM (other people’s money)

BUYER HAS NO SKIN IN THE GAME ON A QUARTER OF MILLION DOLLAR HOME!!

THIS MAY BE GOOD NEWS FOR BUYERS, BUT IS IT REALLY GOOD FOR AMERICA???