What if the first-time-homebuyer tax credit were changed to a loan guarantee and increased?
by Mortgage Rates on Tuesday, October 19th, 2010 | 5 Comments
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Bad idea. “No down” and 80/20 dual loans are part of what caused the housing bubble and crash. Americans need to relearn the practice of saving up first.
Sounds good… but no. Some homes are very expensive and getting a second loan for 20% on a half million dollar house, that would be terrible. Also, that additional mortgage may price people out of the market. PMI Companies wont really care as most are close to bankruptcy right now and have really tightened up who they will even allow to apply for PMI.
We do not deal in “What If” scenarios on this site. It is for seeking knowledge or advice.
No your idea will not work. This current mess is due to ZERO down mortgages. If you cannot manage to save for a down payment then you cannot afford a house. There is more involved then paying your monthly mortgage and new homeowners are shocked at having to pay 2500 or more a month to carry the place.
how would a “bigger loan” help you? – you would have to pay that money back with interest
the whole housing market collapse happened because people didn’t put enough of their own money into the houses – got zero down loans, low int ARM’s which they couldn’t afford when the rates increases, etc. people with zero down loans risked nothing of their own – if they walked away, none of their cash was invested in the house.
If you don’t have the cash up front and can’t afford a standard fixed rate loan, you shouldn’t be buying a house – it’s just that simple.
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