Lenders Thumb Nose At Barack Obama's First Time Home Mortgage Credit
By Arrachme - Jul 2nd, 2009 at 10:13 am EDT
This was a shocking fact for me to find out. As a seller, imagine the joy in buyers wanting to use the first time home buyers $8000 credit. This kept happening but falling through at contract time because the lenders will not honor the credit. The link below date June 9, 2006 says click to find a lenders list in your state that will give the $8000 not as a tax credit but to use as a down payment or closing costs. I decided to investigate this for myself. The lenders are called HFA (not FHA) lenders. In the state of North Carolina there is not one lender that will honor this new amendment. Why?
I check with lenders in Florida only to find there are none to be found there so I check with the largest lender Well Fargo in MN. The statement was, "reputable lenders won't honor this new Barack Obama proposal because they are not sure they will get their money back".
"WHAT?????" our president makes a proposal to help stimulate the housing market and the lenders we bailed out with our tax money won't honor it because they say they are reputable.
My thought was, isn't this guaranteed by the government or regulated by the government in some way? Is there a watch dog agency set up to make sure the lenders really exist or is this smoke and mirrors?
I have sent this request to the white house website hoping Barack Obama will respond. I am hoping someone will give me answers on this blog. As a seller, I could have sold my homes more than once if this issue was open an upfront, and clearly answered. Please understand I am not talking about a tax credit. I am talking about HFA lenders that give the $8000 up front to the qualified home buyer.
http://www.usnews.com/blogs/the-home-front/2009/06/08/the-expanded-first-time-home-buyer-tax-credit-10-common-questions-and-answers.html
If anyone can find a lender that is honoring this first time home buyer plan or the HFA list please respond to this blog.
Thursday, July 2, 2009
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