any one else have 93 calls a day wondering about turn around time on offers to see if they have time to get a deal done before this goes away? I swear to you, I have stopped answering my phone as every other caller wants to know how fast they will get a response. OK, really, like I have any idea! end rant...

I had 12 FHA/Nehemiah offers come in between Thursday and Friday. All but 2 were rejected. All files must be submitted to fulfillment by this Friday, 8/29, or they are out!

I am so glad this stupid program is going away. We called it the "New Sub Prime". Time for people to start saving some money to buy a house. Just like the old days. What a novel idea...

My clients haven't looked at Nehemiah offers since the middle of August.

Never had any success with Nehemiah but another agent had a buyer for one of my Fannie Mae properties last year that was successful using Ameridream.

The problem is the trickle down effect of information.Most of new home builds are first time homebuyer entry level types.

Back in 2004,2005 the message was buy with no money down.Most buyers had never heard of such a thing and thought you had to save up. NOW everyone believes you can buy with no money down and were predecating ther epurchase on 100 percent loans.

Now that those loans are pretty much gone it will take YEARS for buyers to get the new information and SAVE up money they do not have for the downpayment. This means we are in a long haul for recovery as even if the buyers go the new info today they needed 3 to 5 percent or more down it would take them along time to save up for that.Some parents can help but many can't with the lowering of equity postions in there homes.



Beleive me folks it's not as EASY as saying put down 5 percent!

I see alot of rents and lease purchase/options for years to come.

A lot of lenders have already cut the Nehemiah buyers off; they will not approve a loan with those programs attached to them. More are following suit everyday with no warning. Your client is better off rejecting those offers altogether since they may not close anyway.

[quote=super realtor]The problem is the trickle down effect of information.Most of new home builds are first time homebuyer entry level types.

Back in 2004,2005 the message was buy with no money down.Most buyers had never heard of such a thing and thought you had to save up. NOW everyone believes you can buy with no money down and were predecating ther epurchase on 100 percent loans.

Now that those loans are pretty much gone it will take YEARS for buyers to get the new information and SAVE up money they do not have for the downpayment. This means we are in a long haul for recovery as even if the buyers go the new info today they needed 3 to 5 percent or more down it would take them along time to save up for that.Some parents can help but many can't with the lowering of equity postions in there homes.



Beleive me folks it's not as EASY as saying put down 5 percent!

I see alot of rents and lease purchase/options for years to come. [/quote]
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Interesting thought. I'm not too familiar with lease options, but don't they usually require a sizeable "option fee?" If people have a tough time saving the 3% down, how will they come up with the option money?

blah
one more week of calls. I can only hope it will get a few offers on stuff that otherwise wouldn't sell.

I couldn't agree more with super realtor!!!!

Traditional agents that are hot right now, are toast with this program dying...

and the programming comment is DEAD on... everyone thinks they can go $0.00 down and that just isn't true any more, it is an over correction that is going to hurt the economy. We read today on cnbc.com that the fate of the economy is in the homebuyer's hands...well that is a dead deal now. Cutting this program going into the holiday season/winter is going to cripple the housing market and the economy, I see bad things ahead

I can only imagine what they will do next to try to "fix" this mess. I was hoping to atleast get one sold with the crazy week of agents trying to get deals through! 4 calls today with the promise of an offer coming in, we'll see if I get 1.

I totally agree that this program wasn't the end all, be all to fix things either. However, there has to be an in between to keep things moving.

Bye, bye Nehemiah! it was a pleasure to working with you hope to see you in the future again!!!

I don't believe these programs are going away.There is a bill in Congress to revise them but not eliminate them.

If someone has no money to put down, buying a home might not be the best option. If they cannot save before they buy, saving after they buy will be even harder. If we keep pushing this theory of not having any "skin" in the transaction, we will have another foreclosure boom in 3 years, and we still will not be out of the current one. It's easier to let something go that you have not had to work for.

If people live below their means to the point it hurts for a few years, to save some cash, they will be in a much better buying position. They will have also learned an important lesson, and probably will become habitual "savers". "Savers" eventually turn into "spenders". Our entire country needs a TMMO. (someone will know what I'm talking about)

a TMMO? It would be interesting to see what THAT would do to the U.S. economy. As long as credit cards and wants exist, only a few will do the TMMO.