New York Times mortgage article

[SHELLY]

I really wonder where for $1000 a month, they thought they could live with 2 kids.

Apparently in a Beazer subdivision with the blessing of the mortgage folks and underwriters



.

 

[SHELLY]

As far as the Beezer article, 1) what were people expecting to get for $100K or so on a home (top of the line siding, slate roofs?) :roll:

Maybe for 100K they would hope to get a dwelling that would keep the outside elements out....maybe something up to the standards of a $399 Sears garden shed (or at least the box it came it).

Just what price should a first-time homeowner expect to pay for a new house that doesn't rot and mold after 3 years?

.

 

[beachmouse]

As far as the Beezer article, 1) what were people expecting to get for $100K or so on a home (top of the line siding, slate roofs?) :roll:

<snip>

I really wonder where for $1000 a month, they thought they could live with 2 kids.

Less than four years ago, you could have gotten a modest but nice and reasonably well built home in Freeport or Crestview for less than $100K and that same home would have sold for less than $150K in Destin or SoWal if you knew which neighborhoods to look in.

And until we refi'ed down to a 15 year mortgage a few years back, our PITI expenses were less than $1000/month.

This area used to be the place you moved to because you could live cheap by the beach.

 

[Mango]

Less than four years ago, you could have gotten a modest but nice and reasonably well built home in Freeport or Crestview for less than $100K and that same home would have sold for less than $150K in Destin or SoWal if you knew which neighborhoods to look in.

And until we refi'ed down to a 15 year mortgage a few years back, our PITI expenses were less than $1000/month.

This area used to be the place you moved to because you could live cheap by the beach.

Perhaps so, the difference here in the article in N.C is that FHA encouraged low income housing loans, and the builder provided it. The area was one where land was still relatively cheap in comparison to others.

Apparently affordable housing seems like a damned if you or damned if you don't proposition.

Not sure of the construction of the home in their entirety, but there's such a things asinspections, even brand new ones.
I built my own house 15 years ago and there were still minor issues with construction from settling etc. that we needed to address, and I had a final inspection and warranty on the house.

I suppose what annoys me are these reporters who know nothing about the lending and construction industries reporting these stories.
Example: The reporter asks and points out to the woman who secured the loan that her income was $187 a month higher on the final typed loan application. She claims she didn't notice it.:roll:

There could be a reason the higher amount. The Banks use 2 years W2's and do an average of income. She could have had overtime and that was reflected on the final typed application which the Bank prepares. Then the Borrower resigns it at closing. You are making a legal statement when you sign the final typed app at closing. She could have opened her mouth then and how how they calculated her income. Did she? NO.

Her mortgage payments weren't going to rise for 1 full year by a percentage of which the Lender was paying for it anyway, but she still went and had the car repossessed only months after closing.

FHA approved the loan based on her income only and she qualified with just her debt ratios alone. She had a working husband too.
There was no hocus pocus going on here.

We really don't know where the mold is - could be one corner of the house from a flashing problem. Did the reporter take pictures of anything? NO.

Too bad people hear and listen and make opinions when they do not see the whole picture, only what a reporter wants you to hear.

 

[Bob]

The hatchets are out! There's axes to grind!!!!!!!!!!

 

[SHELLY]

Hi
This is jamesbrosnan
I am new to this forum. I don't know much about this forum. When my friends told me about this then I saw it. I think your site is providing information about New York Times mortgage article. I didn't see this article. I think this site is to be useful to whom wants to know Mortgage. They required to see this. I fully recommended this site to all the people.

Hi Jim,

Your writing style appears very familiar--would you happen to be affiliated with Barrister Mohammed Kazimbe from Nigeria? I'm currently coordinating transfer of $150 million from the estate of my long-lost relative Uncle Shelly who I'm told died in a Diamond Mine cave-in last year. I've sent the good Barrister $35,000 and all the access information for my banking accounts in preparation for the transfer, but haven't heard from him in about a week. Be a dear and have him give me a call.

Thanx.

Shel.

 

[Miss Critter]