$300 or $600
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So you're telling me I should go knock up some bitches? Great role model....
J/k
I've got them lining up though, this Starbucks gig really has it's perks.
"Oh, you can make me a Latte..."
"You can suck a...?"
J/k
I've got them lining up though, this Starbucks gig really has it's perks.
"Oh, you can make me a Latte..."
"You can suck a...?"
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<div class='quotetop'>QUOTE (Black Mamba @ Jan 25 2008, 01:27 PM) <{POST_SNAPBACK}></div><div class='quotemain'>So you're telling me I should go knock up some bitches? Great role model....
J/k
I've got them lining up though, this Starbucks gig really has it's perks.
"Oh, you can make me a Latte..."
"You can suck a...?"</div>
That's why they keep coming back for that $5.00 coffee. They want more Black Mamba.
"How do you want your coffee?"
"Black"
"How do you want your Mamba?"
"Black"
J/k
I've got them lining up though, this Starbucks gig really has it's perks.
"Oh, you can make me a Latte..."
"You can suck a...?"</div>
That's why they keep coming back for that $5.00 coffee. They want more Black Mamba.
"How do you want your coffee?"
"Black"
"How do you want your Mamba?"
"Black"
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Haha, classic.
Back to topic, you know how their are two different levels of the rebate? Like some people will be getting $600 and some couples will be getting $1,200 and then some people will be getting $300 and some couples will be getting $600, how do they classify you based on that?
Back to topic, you know how their are two different levels of the rebate? Like some people will be getting $600 and some couples will be getting $1,200 and then some people will be getting $300 and some couples will be getting $600, how do they classify you based on that?
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<div class='quotetop'>QUOTE (Black Mamba @ Jan 25 2008, 01:35 PM) <{POST_SNAPBACK}></div><div class='quotemain'>Haha, classic.
Back to topic, you know how their are two different levels of the rebate? Like some people will be getting $600 and some couples will be getting $1,200 and then some people will be getting $300 and some couples will be getting $600, how do they classify you based on that?</div>
It's likely based on your income.
If you made at least $3000.00 in 2007 you're going to get back $300.00
Checks of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes, so long as they earned at least $3,000 in 2007.
I think most working people are going to get $600.00
Back to topic, you know how their are two different levels of the rebate? Like some people will be getting $600 and some couples will be getting $1,200 and then some people will be getting $300 and some couples will be getting $600, how do they classify you based on that?</div>
It's likely based on your income.
If you made at least $3000.00 in 2007 you're going to get back $300.00
Checks of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes, so long as they earned at least $3,000 in 2007.
I think most working people are going to get $600.00
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This part of the stimulus plan really scares me though ...
Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.
Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.
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<div class='quotetop'>QUOTE (Black Mamba @ Jan 25 2008, 01:52 PM) <{POST_SNAPBACK}></div><div class='quotemain'>In simpler terms, what does that mean?</div>
The potential for more shady loans.
The potential for more shady loans.
Ryan
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You'll get 300 if you earned over 3000 but not enough to where you had to pay taxes. If you'll pay taxes for last year, you get 600.
BS, in my opinion, it's a tax rebate, you should have to pay taxes to get it. Then we would get 800 instead of 600.
BS, in my opinion, it's a tax rebate, you should have to pay taxes to get it. Then we would get 800 instead of 600.
Ryan
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<div class='quotetop'>QUOTE (Shapecity @ Jan 25 2008, 01:58 PM) <{POST_SNAPBACK}></div><div class='quotemain'><div class='quotetop'>QUOTE (Black Mamba @ Jan 25 2008, 01:52 PM) <{POST_SNAPBACK}></div><div class='quotemain'>In simpler terms, what does that mean?</div>
The potential for more shady loans.
</div>
I think the opposite is true. Federally guaranteed loans aren't what I would consider "shady". The cap of 300 and change might work in the middle of the country but in places like CA federal programs are basically useless. This will eliminate people qualifying for teaser rates then foreclosing in a year when their rate adjusts.
The potential for more shady loans.
</div>
I think the opposite is true. Federally guaranteed loans aren't what I would consider "shady". The cap of 300 and change might work in the middle of the country but in places like CA federal programs are basically useless. This will eliminate people qualifying for teaser rates then foreclosing in a year when their rate adjusts.
cpawfan
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<div class='quotetop'>QUOTE (ryan @ Jan 25 2008, 02:00 PM) <{POST_SNAPBACK}></div><div class='quotemain'>You'll get 300 if you earned over 3000 but not enough to where you had to pay taxes. If you'll pay taxes for last year, you get 600.
BS, in my opinion, it's a tax rebate, you should have to pay taxes to get it. Then we would get 800 instead of 600.</div>
Payroll taxes are taxes
BS, in my opinion, it's a tax rebate, you should have to pay taxes to get it. Then we would get 800 instead of 600.</div>
Payroll taxes are taxes
Ryan
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<div class='quotetop'>QUOTE (cpawfan @ Jan 25 2008, 02:29 PM) <{POST_SNAPBACK}></div><div class='quotemain'><div class='quotetop'>QUOTE (ryan @ Jan 25 2008, 02:00 PM) <{POST_SNAPBACK}></div><div class='quotemain'>You'll get 300 if you earned over 3000 but not enough to where you had to pay taxes. If you'll pay taxes for last year, you get 600.
BS, in my opinion, it's a tax rebate, you should have to pay taxes to get it. Then we would get 800 instead of 600.</div>
Payroll taxes are taxes
</div>
OK, so I should have specified federal income tax, unforutnately there's no getting around Social Security or Medicare. I still think if one does not pay federal income tax they should not be entitled to a rebate.
BS, in my opinion, it's a tax rebate, you should have to pay taxes to get it. Then we would get 800 instead of 600.</div>
Payroll taxes are taxes
</div>
OK, so I should have specified federal income tax, unforutnately there's no getting around Social Security or Medicare. I still think if one does not pay federal income tax they should not be entitled to a rebate.
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<div class='quotetop'>QUOTE (Shapecity @ Jan 25 2008, 10:50 AM) <{POST_SNAPBACK}></div><div class='quotemain'>This part of the stimulus plan really scares me though ...
Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.</div>
What exactly scares you? FHA is a 95% loan, people still have to come up with 5% down or have that kind of equity to refinance. They still have to meet the income/debt ratio and be able to afford the payments...
Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.</div>
What exactly scares you? FHA is a 95% loan, people still have to come up with 5% down or have that kind of equity to refinance. They still have to meet the income/debt ratio and be able to afford the payments...
Thoth
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<div class='quotetop'>QUOTE (Denny Crane @ Jan 25 2008, 02:54 PM) <{POST_SNAPBACK}></div><div class='quotemain'><div class='quotetop'>QUOTE (Shapecity @ Jan 25 2008, 10:50 AM) <{POST_SNAPBACK}></div><div class='quotemain'>This part of the stimulus plan really scares me though ...
Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.</div>
What exactly scares you? FHA is a 95% loan, people still have to come up with 5% down or have that kind of equity to refinance. They still have to meet the income/debt ratio and be able to afford the payments...
</div>
What bothers me is the potential for Governement control or allowing the government to dictate to the market. Cough Socialism Cough.
Most loans are 80/20. If you don't have 20% down then you have to pay PMI which is essentially 13 pymts every yr instead of 12.
Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.</div>
What exactly scares you? FHA is a 95% loan, people still have to come up with 5% down or have that kind of equity to refinance. They still have to meet the income/debt ratio and be able to afford the payments...
</div>
What bothers me is the potential for Governement control or allowing the government to dictate to the market. Cough Socialism Cough.
Most loans are 80/20. If you don't have 20% down then you have to pay PMI which is essentially 13 pymts every yr instead of 12.
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FHA is a form of guarantee to the banks giving out the loans. The banks qualify the borrowers, not the government. The loan has to conform to FHA guidelines is all (5% down or more, and that kind of thing).
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<div class='quotetop'>QUOTE (Denny Crane @ Jan 25 2008, 04:58 PM) <{POST_SNAPBACK}></div><div class='quotemain'>FHA is a form of guarantee to the banks giving out the loans. The banks qualify the borrowers, not the government. The loan has to conform to FHA guidelines is all (5% down or more, and that kind of thing).</div>
Who foots the bill for the difference?
Who foots the bill for the difference?
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The bank makes the loan. The govt. guarantees the loan for the bank, should the borrower default.
I think the idea is that the govt. is encouraging the banks to convert peoples' ARM loans into 30 yr. fixed FHA loans.
I think the idea is that the govt. is encouraging the banks to convert peoples' ARM loans into 30 yr. fixed FHA loans.
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http://fha.mortgageloanplace.com/
Financing Your FHA Loan
Currently, FHA financing requires a 3% downpayment minimum to obtain a home loan, although legislation changes are proposed that would result in a FHA modernization that would eliminate the requirement and raise home loan limits in high cost areas.
FHA Home Loan Guarantee Program
* FHA loans offer a loan guarantee for mortgage companies. If you acquire a FHA loan to purchase a home, the FHA is not actually lending money to you, the buyer; the FHA simply guarantees the lender in case you, the borrower, default on your mortgage payments.
* You can pay as little as 3% of the purchase price of your home for your down payment, and finance your closing costs with your mortgage loan. The FHA can guide you toward programs that require no down payment.
* You can purchase a home in need of repairs and finance the repair costs with the mortgage. This way you can make the necessary repairs immediately without having to come up with the money yourself.
* You can purchase manufactured homes and condominiums with a FHA loan.
* You can finance the cost of energy-efficient repairs with the mortgage.
Financing Your FHA Loan
Currently, FHA financing requires a 3% downpayment minimum to obtain a home loan, although legislation changes are proposed that would result in a FHA modernization that would eliminate the requirement and raise home loan limits in high cost areas.
FHA Home Loan Guarantee Program
* FHA loans offer a loan guarantee for mortgage companies. If you acquire a FHA loan to purchase a home, the FHA is not actually lending money to you, the buyer; the FHA simply guarantees the lender in case you, the borrower, default on your mortgage payments.
* You can pay as little as 3% of the purchase price of your home for your down payment, and finance your closing costs with your mortgage loan. The FHA can guide you toward programs that require no down payment.
* You can purchase a home in need of repairs and finance the repair costs with the mortgage. This way you can make the necessary repairs immediately without having to come up with the money yourself.
* You can purchase manufactured homes and condominiums with a FHA loan.
* You can finance the cost of energy-efficient repairs with the mortgage.
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Why do we need to encourage the very same thing that got us here in the first place? People overspent and over borrowed, resulting in insanely high prices for everything (inflation), giving money to every person only exacerbates the problem.
The problem with the people who took at ARM's is they couldn't afford the homes they purchased in the first place. Most of them are upside down on their investments.
The problem with the people who took at ARM's is they couldn't afford the homes they purchased in the first place. Most of them are upside down on their investments.
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Some people upside down will walk, and that's up to them. It hurts the banks, which in turn hurts all of us (they pass on their losses in other ways). Being upside down doesn't mean people will walk, though. If they want to stay, these FHA loans are a good way to stabilize their payments.
I don't have much sympathy for people who speculated in real estate and drove up the prices. They're not going to qualify for more than one FHA loan in the first place, due to the rules.
Nobody's giving anyone any money here, I don't see why it's scary. It's making fixed rate loans available to people who have homes priced above what FHA used to limit them at.
I don't have much sympathy for people who speculated in real estate and drove up the prices. They're not going to qualify for more than one FHA loan in the first place, due to the rules.
Nobody's giving anyone any money here, I don't see why it's scary. It's making fixed rate loans available to people who have homes priced above what FHA used to limit them at.
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Those original teaser rate loans given by the banks were for a bigger payoff down the road. Now the government is getting involved with agreed upon contracts between the borrower and bank.
The banks are now allowed to pass those loans over to Fannie Mae so the borrower can continue paying a lower rate they're having problems keeping up with in the first place?
Doesn't make a lot of sense to me.
The banks are now allowed to pass those loans over to Fannie Mae so the borrower can continue paying a lower rate they're having problems keeping up with in the first place?
Doesn't make a lot of sense to me.
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Fannie Mae isn't FHA, they're quite separate and unrelated. Fannie Mae is an actual lender created by the govt. in the FDR era - it's been pseudo-privatized since.
The govt. putting a freeze on mortgage interest rates for existing ARMs _is_ getting involved in agreements between the banks and people. Relaxing the FHA rules allows the banks and people to negotiate new mortgages and pay off the old ones. People refinance loans all the time...
The govt. putting a freeze on mortgage interest rates for existing ARMs _is_ getting involved in agreements between the banks and people. Relaxing the FHA rules allows the banks and people to negotiate new mortgages and pay off the old ones. People refinance loans all the time...
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I'm not talking about the FHA, I'm talking about the increase in the loan limit offered by Fannie Mae. It's going to jump from $417,000 to $625,000.
Lenders are going to find a way to manipulate this increase to get refi's for their customers.
The problem is Fannie and Freddie are already getting killed and are not financially strong. They already have $4.9 TRILLION in mortgages they are accountable for.
They need to both show they can clean up their mess before they take on anymore risk.
Lenders are going to find a way to manipulate this increase to get refi's for their customers.
The problem is Fannie and Freddie are already getting killed and are not financially strong. They already have $4.9 TRILLION in mortgages they are accountable for.
They need to both show they can clean up their mess before they take on anymore risk.
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<div class='quotetop'>QUOTE (Shapecity @ Jan 25 2008, 10:50 AM) <{POST_SNAPBACK}></div><div class='quotemain'>This part of the stimulus plan really scares me though ...
Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on <span style="font-size:18pt;line-height:100%">Federal Housing Administration</span> loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.</div>
FHA
I don't see Fannie Mae buying bad existing loans... This just allows them to buy the FHA loans if people convert. They don't have to buy 'em.
Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on <span style="font-size:18pt;line-height:100%">Federal Housing Administration</span> loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.</div>
FHA
I don't see Fannie Mae buying bad existing loans... This just allows them to buy the FHA loans if people convert. They don't have to buy 'em.
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<div class='quotetop'>QUOTE (Denny Crane @ Jan 25 2008, 08:27 PM) <{POST_SNAPBACK}></div><div class='quotemain'><div class='quotetop'>QUOTE (Shapecity @ Jan 25 2008, 10:50 AM) <{POST_SNAPBACK}></div><div class='quotemain'>This part of the stimulus plan really scares me though ...
Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on <span style="font-size:18pt;line-height:100%">Federal Housing Administration</span> loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans <span style="font-size:24pt;line-height:100%">Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.</span></div>
FHA
</div>
Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on <span style="font-size:18pt;line-height:100%">Federal Housing Administration</span> loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans <span style="font-size:24pt;line-height:100%">Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.</span></div>
FHA
</div>
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I'll have to read more about the details of the FHA, and I hope the intentions are right, but I just don't see how this can support itself when there's already a massive deficit. This is adding to it and eventually it's going to catch up with us.
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It's no coincidence the maximum for both FHA and Fannie Mae is the same. The idea is that people can get FHA loans to convert ARMs to 30 year fixed - they still have to qualify. Fannie Mae's business is making a 2nd market in loans, and can now buy any FHA loan now.
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The misconception is people don't automatically qualify for a refi whenever the rates are cut.
You can't refi your home when you're upside down on it unless you have the collateral or money to pay the difference.
The banks are in big trouble right now. Look at Citibank, they're paying 11% interest on their $7.5 Billion loan from Abu Dhabi. Why didn't they go to the discount window for the money and pay only 3 or 4 %?
Either they don't have any collateral or their balance sheets are so far gone they can't qualify.
Cutting through all the b.s. of this stimulus package I think it's is a front for a government bailout.
You can't refi your home when you're upside down on it unless you have the collateral or money to pay the difference.
The banks are in big trouble right now. Look at Citibank, they're paying 11% interest on their $7.5 Billion loan from Abu Dhabi. Why didn't they go to the discount window for the money and pay only 3 or 4 %?
Either they don't have any collateral or their balance sheets are so far gone they can't qualify.
Cutting through all the b.s. of this stimulus package I think it's is a front for a government bailout.
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