Thanks for commenting on this one year old article so passionately.

I am excited as all hell about the DPA going away. It should never of been there in the first place. I use to work in real estate. In fact I was a very good mortgage banker for over 2 years. I wrote this article after I was let go when the real estate bubble started busting.

Nowhere in the article did I say I was doing well. In fact I was laid off at the time.

I have no problem with people getting help from somebody to buy something as long as its not from taxpayers money. What is funny is you commented today about this when a article describing how messed up the FHA and the tax credit is was written today http://moneyfeatures.blogs.money.cnn.com/2009/09/21/housing-tax-credit-cure-or-curse/. You obviously love the government running your life. Here is another one from a couple days ago http://money.cnn.com/2009/09/18/news/economy/FHA_housing_trouble/index.htm?postversion=2009091815 showing how messed up the FHA is.

If you read the second article hopefully you will understand that programs like the FHA and downpayment assistance keep real estate prices HIGH. Most mortgage companies are requiring 10% – 20% down payment now. By making people do this it takes a lot of so called buyers out. Simple supply and demand economics will tell us that if you take away the demand the supply will go up and prices will go down. This is good. It makes housing more affordable. With the FHA only requiring 3.5% down it brings more buyers in and unfortunately the money that is being lent is taxpayer money, i.e YOUR MONEY. You must like the government spending your tax dollars and making housing expensive. Here is another great article written TODAY talking about how unaffordable housing STILL is even after 2 years of declining home prices http://www.usatoday.com/money/economy/housing/2009-09-21-housing-affordability-census_N.htm.

I rent and it has been the best real estate decision to make in the past two years. Do you want to see the 11 For Sale signs on my street? Here in Michigan, real estate prices have been dropping more than 10% almost every quarter. So with not buying and renting I have built more equity in my future purchase by waiting then going out and buying. Looking at data of home sales http://www2.standardandpoors.com/spf/pdf/index/CSHomePrice_History_082562.xls it is clear to see that home prices at least in my state have dropped by almost 50% in a year and a half. Your state is probably close to that too. By looking at this data I see no point of buying a home for another year at least.

I agree with you that Bush and Congress have killed the housing market. The reason why the housing industry collapsed is because interest rates were set so low by the Federal Reserve. I suggest you read two books written by Congressman Ron Paul to educate yourself on why government involvement in anything is bad.

Ron Paul Revolution

End The Fed

You don’t like me because your an idiot. Something probably happened to you and you are pointing the finger at me because I tell it how it is. Nowhere in this article did I talk about race or God. You did.

You remind me of a client I had when I was writing mortgages. I approved him on a mortgage for $175k. He came back to me a couple months later and said he found his dream home but it was worth $425k. I told him I could not approve him on it unless he PUT A DOWN PAYMENT OF HIS OWN OF $250k. Of course he did not have it. As a matter of fact this is when we could still do 100% financing and he had to get seller concessions. He got mad at mad as it became MY FAULT he did not save up more or he did not earn more money at his job. Then he brought God into the conversation like you did. He said to me that “God is telling me to give him $425k as I should be able to forsee into his future.” I have never met God so I told him to walk God into my office and I would give him $425k. He stumbled on the phone and said “come on Brad, you know what I mean.” Obviously I don’t.

There is a book coming out that I intend to buy. I am excited to read it based on the title alone as it describes how I feel writing this back to you.

Glenn Beck – Arguing With Idiots

Its always interesting to me when I see someone who seems to think they are doing reasonably well with their own life then will criticize others even when they have never ever experienced the same hardship or difficulty. Yes Brad “the Bratt” there are folks in this world who arent deadbeats who may need a leg up to get into a nice or even very nice home. “Bratty” Brad, it isnt cool to even slightly hint, joke or make some snardy comment regarding their right to do so when you have no clue as to why their sitiation calls for these gifts or factual statistics to report why your snardy comments make sense.

Oh but then I forgot, you are not really a reporter, youre probably some “Bratty” wet behind the ears kid with a blog and a mommy who loaned you the money for the house you have comfortably written this blog from. OR worse, your some snarky and bratty kid who is currently renting.

Based on the overwhelming success of this idiotic approach since your comment, it will be interesting to hear your opinion now. I am going to guess that things dont look so rosey now if your really true about your own situation and the current market. Bush and the congress have killed the housing market with this and most of their other bonehead deicisions about how to deal with it.

“Bratty” Brad, if you havent figured it out, I simply dont like people like you. You may ask “why is this person coming down so hard on me”? To put it simply “Bratty” Brad, most people of the people who think like you dont know crapola about real life experience yet you try to pass judgement with subtle jokes about their expereince or race. If there is a God in heaving, here is what I hope has happened to you Brad. You are now experiencing at least one of the situations the reflect the expereinces the people you have so sarcastically written about.

Plain and simple, Go to hell Brad.

You will want to contact the city/county you are buying in. They will have the info you are looking for. In regards to the IRS, you will probably see something in your income tax returns that says something like “did you buy a home in 2008.” I would be certain to ask the county first because the credit will only be given after you buy.