As if I didn't have enough reason to loathe Bush..

**Keith P.** · 08-05-2008, 05:28 PM

..gay marriage aside.

The bill he just signed ending down payment assistance that goes into effect is pretty much going to kill me financially.

**NATE!** · 08-05-2008, 05:29 PM

Explain?

**RebootedCorpse** · 08-05-2008, 05:29 PM

He sucks on a cosmic scale.

**Dave S.** · 08-05-2008, 05:30 PM

To be fair, doesn't Congress have to pass a bill before Bush can sign it?

**Keith P.** · 08-05-2008, 05:43 PM

Originally Posted by Skrull Corpse

He sucks on a cosmic scale.

Basically, currently FHA requires you to have a 3% downpayment. This could be paid buy the sellers, or the builders, and then rolled into the mortgage so that you could buy a house with no out of pocket expense.

The bill now raises the minimum down payment for FHA loans to 3.5% and you must come up with the down payment yourself. A lot of people simply do not have thousands of dollar lying around.

**FedEx Fanboy** · 08-05-2008, 05:44 PM

I thought we were talking about a different kind of BUSH!

ZING!!!

**Susan BANthony** · 08-05-2008, 05:48 PM

Well, I bought a house in enough time, then. I think my seller assist was about 6% or so.

**Keith P.** · 08-05-2008, 05:51 PM

Originally Posted by Ike

Well, I bought a house in enough time, then. I think my seller assist was about 6% or so.

Yeah, you would be screwed.

I mean really, "hey, we are in a housing recession, lets make it HARDER for people to buy houses."

**lonesomefool** · 08-05-2008, 05:52 PM

Originally Posted by Keith P.

Basically, currently FHA requires you to have a 3% downpayment. This could be paid buy the sellers, or the builders, and then rolled into the mortgage so that you could buy a house with no out of pocket expense.

The bill now raises the minimum down payment for FHA loans to 3.5% and you must come up with the down payment yourself. A lot of people simply do not have thousands of dollar lying around.

As much as this sucks for you, and I do truly mean it when I say I hope everything turns out for you fine from a business perspective, at that same point I think this might actually be a good thing. I mean, at the very least it should help keep some of the people who had no business even thinking about owning a home, from actually being able to own one and then crying to the government to bail them out on the tax payers dime.

**Susan BANthony** · 08-05-2008, 05:53 PM

Originally Posted by Keith P.

Yeah, you would be screwed.

I mean really, "hey, we are in a housing recession, lets make it HARDER for people to buy houses."

I actually live in one of the best markets in the country, apparently. And there are still houses sitting for sale for months and months. I got extremely lucky and bought at the right time.