Making Home Affordable Ends 2016-12-30

Discussion in 'Politics, Religion, Social Issues' started by Gutwrench, Dec 5, 2016.

  1. Gutwrench
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    Gutwrench

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    #1
    In Feb 2009, the Obama Administration introduced the MHA to help stabilize the market and grant relief to struggling homeowners.

    HAMP, HAFA, HAUP, 2MP face termination at year end.

    Any concerns or thoughts?
     
  2. BoxerGT2.5
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    macrumors 68000

    BoxerGT2.5

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    #2
    Don't buy a 350K home making 55K a year with a $250 HOA/month on top of that.
     
  3. Gutwrench
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    Gutwrench

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    #3
    Lol. I sensed something like that was coming. And the replies that include the word: predatory.
     
  4. BoxerGT2.5
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    BoxerGT2.5

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    #4
    It doesn't take a rocket scientist to do basic arithmetic, but some will make you believe people really are too stupid. So the onus is put on everyone else involved to spell it out 15 different ways. Here's a simple metric, if all you can afford after your mortgage payment are things on the .99c menu at BK and Aldi's finest store brand items, you should probably reassess.
     
  5. pdqgp, Dec 5, 2016
    Last edited: Dec 5, 2016

    pdqgp
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    pdqgp

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    #5
    but they said I qualified and it wouldn't be a problem......All Homes Matter...
     
  6. LIVEFRMNYC
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    macrumors 604

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    #6
    A single person with no kids could swing that easily though.
     
  7. thekev
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    thekev

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    #7
    It is problematic. It drives up prices for people who would otherwise be able to purchase those. This impacts current homeowners in the form of property taxes and first time buyers.
     
  8. BorderingOn
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    macrumors 6502

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    #8
    Take home will be about $2500 - $3000 per month. That mortgage will be over $2K per month. Dollar menu it is.
     
  9. ibookg409
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    ibookg409

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    #9
    We need to go back to the days when mortgages required 20% down.
     
  10. MacNut
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    MacNut

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    #10
    Or go back to the days when they didn't hand out mortgages like candy out of the back of a windowless van in the park.
     
  11. ibookg409
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    ibookg409

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    Agreed. I think requiring a 20% down payment is the way to not loan money to people who can't afford it. When you spend years to save up 20% there's no way in hell youre going to screw up that mortgage.
     
  12. MacNut
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    MacNut

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    #12
    Never happen. It's the same reason everyone gets a credit card. The banks love making money off of the misfortunate.
     
  13. ibookg409
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    ibookg409

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    #13
    They can still make lots of money. They make less money by loaning higher amounts than just end up in foreclosure.
     
  14. Eraserhead
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    Eraserhead

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    #14
    $250/month for HOA is insane. I pay £1000/year.
     
  15. lowendlinux
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    lowendlinux

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    #15
    350K financed for 30 years at 2% is $1300 before any tax. I make more than 55k and yes I guess I could make the payments but it wouldn't be "easily" it would be a tough and exacting budget. I wouldn't go above 140K on my income.
     
  16. Gutwrench
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    Gutwrench

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    #16
    Even if he could find a lender stupid enough today, he still had to be joking because after adding escrow and insurance it would be next to impossible. A person would be so house poor they be filing BK when the first water or cell bill arrives. Of course they might have a ballon that'll allow them to survive until the next step increase, then stop making payments and live free for 180 days pocketing the mortgage. Then before foreclosure and charge off they could file BK and become a "frequent filer" for a while. At least they won't be able to use the MHA to game the system.
     
  17. Eraserhead
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    Eraserhead

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    #17
    Surely water/cell/electricity/gas/buildings insurance are under $200/month combined?
     
  18. pdqgp
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    pdqgp

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    #18
    they are also the people who can't afford basic repairs like a roof and have their yard riddled with weeds. kudo's to those who stay below their means. unfortunately all too many think they are magically entitled to have a big house, iphones and nice cars.
    --- Post Merged, Dec 6, 2016 ---
    Not on a decent sized house. Not here in the midwest and we're not the highest. ON say an average 3,200-3,800sq ft. home Water/sewer will be $90-120, Gas and electric over $200 combined. Insurance and taxes will vary. Property tax on such a house will be $6k to $15k yr depending on where you live.
     
  19. Gutwrench, Dec 6, 2016
    Last edited: Dec 6, 2016

    Gutwrench
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    Gutwrench

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    I'd have to double check, but the PMI alone would probably be well over $100/mo maybe approaching $200 depending on the LTV...which we don't know.
     
  20. TheAppleFairy
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    TheAppleFairy

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    #20
    I imagine depending on where you live the mortgage payment on a 350K home would be much different. My current mortgage is $1,293 with Escrow included. Mortgage $834 Escrow $459 (lucky I get a veteran discount on my taxes).

    I have friends in GA and FL who pay under $1k a year in property and school taxes and they live in beautiful newer style houses. Every day it has me wondering why I am still in upstate NY.
     
  21. Eraserhead
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    Eraserhead

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    #21
    I guess it depends where you live :). $350k for a house wouldn't buy mine here. But it's a lot smaller than that. More like 700sqft.
     
  22. R.Perez
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    R.Perez

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    #22
    My wife and I make about $90k a year combined right now, with a projected household income of $110k over the next 5 years. We are looking at houses in the $250k-$350k. 20% down payment would be impossible for us though. We are looking at putting $10% down on a fixed mortgage only.
     
  23. TheAppleFairy
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    TheAppleFairy

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    #23

    A lot of that depends on your lifestyle. If you buy have luxury car payments and like to go out a lot, I would assume you're rights, it's impossible.
     
  24. Bug-Creator
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    Bug-Creator

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    #24

    Arrrrrrgh, stop making sense !!
     
  25. pdqgp
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    pdqgp

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    It's about $100 to $120 sq. ft. for just the home itself, no taxes, etc. where we are.
     

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