20% DOWN PAYMENTS??? R THEY NUTS??? pg 2

NAR - 20% downpayment and stringent regulations unfair

A proposed rule by federal regulators to impose a minimum 20%
down payment, stringent debt-to-income ratio requirements and
rigid credit standards will deny millions of Americans access to
safe, low-cost mortgages, according to the National Association
of Realtors (NAR).

This Author agrees.

This will cut-off first time homebuyers.

This will cut-off Buyers that are rebuilding their finances.

FYI.. over 40% of Homeowners that were foreclosed on were over 50 years of age.

Here's my plan.

If you want to buy a home that is.....

Under $125,ooo you will need 10% down.

Under $199,ooo you will need 15% down.

Over $200,ooo you will need 20% down.

This is a simple Plan that will make it possible for most families to have a home &

protect the U.S. loan guarantee programs (ie. taxpayers) from a huge future meltdown in the housing markets.

This will also stop Buyers from buying a home that is actually too expensive for their budget.

One, easy to implement Plan that will give American investors new confidence in our massive housing market.

Many thanks from Larry Tutino, Blog Founder

Lets get this housing market on it's own 2 feet again!

MORE Financing Options NEDED..

"Rental yields are high enough to entice some amount of private capital,
but financing for investor properties would certainly attract
more capital and cushion further home price declines," the agency
said in its Amherst Mortgage Insight report.

Amherst Securities believes 10.4 million homes are still at risk
of going into default after analyzing the number of loans that
are currently classified as non-performing, previously delinquent
and underwater. The tightening of underwriting guidelines also
is making it more difficult for investors and homebuyers to get
into the market to extract the access inventory. "It is
increasingly difficult to obtain a mortgage, thus shrinking the
pool of qualified applicants," Amherst wrote.

This news is from Chris McLaughlins site at ...

http://www.mclaughlinchris.com

WOW !!!!!

HUD owned about 69,000 homes at the
end of April and sold 11,000 homes in that month. Fannie and
Freddie held another 218,000 at the end of March.

20% DOWN PAYMENTS??? R THEY NUTS???

“Despite the economic setbacks Americans have experienced in today’s current climate, it is clear that a strong majority still believe in home ownership and aspire to own a home,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “However, achieving the dream of home ownership will become increasingly difficult for buyers if they are required to make a 20 percent down payment, which may be a reality for many of tomorrow’s buyers if a proposed Qualified Residential Mortgage rule is adopted. That is why Realtors® are strongly urging regulators to go back to the drawing board on the proposed rule.”

Article from.. http://realtytimes.com/rtpages/20110711_realestateoutlook.htm

To learn more about how my Investors are handling this problem.....

email Larry at... sellorbuyland@gmail.com

YES...INVESTORS ARE SAVING US...

This week, attendees of the REO Expo default services conference
in Texas are talking all about how best to sell distressed and
often dilapidated properties.

That's why I think there should be more investor
incentives, because investors take the time to rehab, which in
turn allows them to sell these homes at a higher price, which
consequently improves overall home prices. Look, the banks, the
government, they need help, and investors are not the enemy
here."

(Quotes by Wells Fargo vendor network manager Kevin
Schriver)

I.ve been saying this same thing for a while now. I see it everyday as I search and put together deals on REO properties and talk with homeowners that are dangerously close to losing their homes.

What a shame. The Banks still continue to leave these families in high stress situations. Holding off until the last moment, then telling them, sorry...you're denied.

Then, the Banks put forward conditions to control the Investors! Are you kidding me. How do the Banks end up with the "say so" after being fully responsible for this downward spiraling market?????

No matter. The Banks are going to make the money while we commonfolks and consumers pay, pay, pay!!!!

Larry, Blog Author

HELP !!! I NEED FINANCING RIGHT NOW !!!

"About 2 weeks ago, the local bank that we have been doing business with called us and told us that they would no longer do business with us. To say the least we were devastated, considering that over the past few years we have never defaulted on a loan or not sold a house that we have constructed with their money." The builder went on to ask for Remington's help, indicating that "time is of the essence." (This is a testamonial from Greg's website)

Greg Weimer
(480) 659-5182gweimer@remingtoncapitalinc.com (Click here to email me)http://remingtoncapitalinc.com/

8800 East Raintree Drive, Suite 200 Scottsdale, AZ, 85260, United States

Note* I highly recommend Greg Weimer. Larry/Founder of Blog