$8,000 HomeBuyer Credit
CNN is running a story about real american’s interactions with the economy. One anecdote of note involves a crain operator engaged to a hair stylist that, thanks to government assistance, were able to qualify to purchase a $750,000 home.
At the mortgage rate quoted, their mortgage payments come to well over $4,000 a month. A couple would normally need to make at least $144,000 annually to hope to qualify for such a steep payment.
That the government is using tax money to see to it that buyers are able to qualify for loans they couldn’t get otherwise would indicate that our country may not have learned much from the mortgage meltdown.
photo credit: istartedi
Reader's Comments
A career in financial planning is still lucrative despite the worldwide financial crunch. As long as money is used in our economy financial planners will be needed. You have to pay your dues to become a financial planner but once you pass the test and prove your mettle, you can expect a handsome return for your efforts.
So don’t make excuses, and don’t take it out on the bank. The bank doesn’t care about your situation. In general, currently, banks who are issuing home loans are looking for someone with a credit score above 700. In this situation,what happens is the loan or note holder will make an assessment as to the mortgagee ability to pay the note. If you have bad credit, it got that way for some reason. Especially in this economic environment, that can be a challenge. Part of the problem that has been created was due to the sub prime crisis that was created when major banks started to issue lots of risky credit, and then insured those loans with credit default swaps.
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