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H.R. 3706, The FHA Taxpayer Protection Act of 2009 (7 comments ↓)
H.R. 3706 would require borrowers under FHA-insured mortgages for single-family housing to make downpayments of at least 5 percent and to prohibit financing of closing costs under such mortgages.
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Mike Ford
October 6, 2009, 4:09pm (report abuse)Passage of this bill will virtually destroy the most effective economic housing market recovery engines there are. "Average middle class" America has a FICO of 680; and does not have 5% down plus 4% closing costs, yet 'they' buy MOST houses in America today. In my 30 years appraisal & sales experience, I can honestly say low LTVs have never been a significant cause of foreclosures. They're just the convenient 'excuse' or whipping boy. FHA / HUD ALREADY implemented proper corrective actions to curb the rising numbers of FHA insured foreclosures. It is addressed on the underwriting side with elimination of so called liar-loans, and cross verification of income against income tax returns. The solution is enforcement of existing regulations rather than the creation of new ones with the liklihood of causing more harm than good. Eliminate FHA financing for most Americans by putting the down payment required beyond their reach, and economic recovery for the housing market ceases immediately.
Ayman Kaddouri
October 6, 2009, 4:20pm (report abuse)Let's poll all the individuals that are coming up with the crazy ideas. Ask them when they and there family members purchased there 1st home did they have 5% for down payment and additianal money for closing costs? or did they have help with that?
Ayman Kaddouri
Crystal Keefer
October 6, 2009, 4:27pm (report abuse)Are they kidding? Our economy is in bad enough shape, housing recovery is what we need and it cannot happen with 5% requirement.
Terry Ervig
October 6, 2009, 4:51pm (report abuse)As a West Coast Real Estate Agent, I fail to understand how this could possibly be a benefit now or in the future. Most of my transactions are FHA and many qualified buyers struggle with coming up with the 3.5% in today’s economy. This will paralyze the current market and shift us into a high speed reverse in my opinion. With a median price of about $235K in the greater Seattle area, 3.5% down is $8,225 and closing is often rolled into the deal. Under H.R.3706 forcing the buyer to pay an additional 1.5% and closing cost (at 3%) that number would sky rocket to about $18,800! How many can come up with that in today’s economy???? As previously mentioned here, there are instruments in place that simply need to be enforced!!
Dan
October 7, 2009, 1:32am (report abuse)Yet we all keep voting for them!!!
Alain H Oller
October 8, 2009, 11:15am (report abuse)I must agree with the comments made by Mike Ford on October 6th.
Tighter underwriting guidelines has already had an impact on the quality of FHA loans. Incresing the DP from 3.5% to 5% will kill the already fragile RE market.The people that are buying are first time homebuyers.
K Bernard Strong
October 24, 2009, 2:34pm (report abuse)This bill highlights the total disconnect that exists between some on Capitol Hill and the plight of the Average American citizen. I am annoyed with the timing of the introduction of the bill. Are there some on Capitol Hill who are so wanting for Our President to fail that they are willing to slam the breaks on any recovery and shift into reverse.
Somebody tell me why NOW?