Down payment assistance programs like The American Dream Down Payment Assistance are all but outlawed for use with any government insured loan programs.

It’s about damn time!

I can hear you now, “What’s wrong with charities helping home buyers by giving down payment assistance?”

In a word, it’s a scam…that’s why!

A Florida mortgage broker found a way to rip-off people he never even met: the home seller! Mortgage broker greed reaches an all time high with this unconscionable scam.

So I was over checking my blog on ActiveRain and ran upon a Florida real estate agent who sparked this post. His comment said a buyer client was told to ask the seller for 6% in closing costs!

The National Association of Realtors (NAR) Chief Economist, Lawrence Yun, was recently listed by USA Today as one of the experts to listen to when it comes to the housing market. After his most recent ridiculous statements after the largest slide in home prices since the Great Depression, I beg to differ.

Congress passed and the President signed into law recently the tax deductibility of mortgage insurance premiums.

Halleluiah!

This is huge! I know I make a big deal about what most of you would almost surely ignore. The King of Real Estate Minutiae and all…but this one really is a big deal.

So listen up, there are a few rules to get the most out of the new law, okay?

ELoan Mortgage bailed out on the subprime market about a year ago. Back then ELoan Mortgage was the first of many lenders to turn their backs on the subprime borrower.

As I predicted a few posts back, the bruised credit borrower would be left out in the cold the minute the big boys figured out the subprime loans they pushed so feverishly just 18 months ago are ticking time bombs ready to explode.

I get the question: Is Selling My Home After I Buy Dangerous? a lot these days. Since the resale existing home market has weakened it just maybe too risky for most home owners.

I got a typical email where the writer says:

New home buying is filled with traps and tricks designed to put you at a disadvantage. So take a minute to learn about new home buying traps so you can easily turn the tables on the builder.

Contract negotiation from the buyer’s side should be simple, but it’s not. New home builders play games with lot premiums, custom add-ons, and incentives to completely baffle their prey…YOU!

The 100% mortgage programs are really popular right now. The 100% mortgage is a loan program which requires no down payment. Therefore, trouble may be brewing.

Now on the surface a 100% mortgage this seems like a great idea. Since most surveys show the number one reason for not buying a home is no down payment, a 100% mortgage allows thousands the opportunity to be home owners. That is the pro for these no down payment loans. Now for the cons.

The best mortgage is never found by collecting a handful of Good Faith Estimates or by calling around getting mortgage rate quotes. Yet this is THE shopping method for most.

If you define the best mortgage as the loan having the best mortgage rate, the lowest costs, and the one that fits your financial circumstances in both the short and long term…then standard comparison shopping methods will not work.

The dictionary definintion of a “shill” is: a person who publicizes or praises something or someone for reasons of self-interest, personal profit, or friendship or loyalty. Well, if that’s the definition then that is exactly what Presidential hopeful, Senator Dodd did yesterday in his press conference.

Who was he shilling for you ask?