Lenders are upset

Upset Lender

They say that the rules brought on by the Consumer Financial Protection Bureau go too far in insisting that lenders verify borrowers ability to pay.

A new government agency called the Consumer Financial Protection Bureau has been created to protect consumers from predatory lending practices. As with every government act, it goes too far.

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Ridiculous lender demands

Lender and Customer
Think its hard to get  a loan? You ain’t heard anything.The pendulum has swung so far to the other side- from granting a loan to anyone who breathes, to making it virtually impossible to most people. Forget even trying if you work for yourself.

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FHA extends anti-flipping

It was supposed to expire at the end of the year. If you flipped a house within 90 days, you could not sell to someone who is getting an FHA loan. In the 90’s there was a lot of hanky panky going on. In its usual way, the govt went overboard the other way but they had recently allowed flipping with some restrictions.

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Condo rules relaxed by FHA

Even though the rules were meant for condo developments, this also applies to individuals looking to buy and sell condos.

I have previously told my students not to bother with condos unless it was owner financing or subject because it if you think it is tough to get a loan for a single family house, you should see what’s like for a condo, It ain’t happinin.

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It’s to be expected that a non-judicial process that divests a defaulting property owner of their title to real property would be closely regulated to insure fair dealing and uniform application throughout the state.

Read more on BUY A HOUSE- GO TO JAIL…