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Loan Modification
: Mortgage Lender Implode-o-MeterMortgage Industry Bemoans HUD First-Time Homebuyer Tax Credit Ruling
By Implode-Explode Heavy Industries
Phoenix mortgage broker Bob Wasieko of Security Mortgage Corp. said he didn't think the program in its final form would open up the housing market to prospective buyers who lack a down payment.
"Just like the FHA Hope for Homeowners program, tax-credit advances looks good on paper, but in reality, it seems unlikely anyone will benefit from this program," Wasieko said.
For reference, the whining is because third party groups won't be able to convey the tax credit to buyers for the required 3.5% FHA downpayment -- FHA still wants buyers to put "skin in the game". Apparently this is still frowned upon by the industry. Go figure.
Full post as published by Mortgage Lender Implode-o-Meter on June 03, 2009 (boomark / email).
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