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joe r.
Willmar, MN     11/06/2009 6:08 PM

Actually Ted if people are out looking for a home odds are they can afford to do it. Eight thousand dollars for a tax credit for first time home buyers will allow a couple to remodel or pay off other bills. If the mortgage loan is granted it will have to do with the ability of the consumer to be able to afford monthly mortgage payments, the eight thousand is gravy after the fact. Banks and lenders are looking closer at borrowers, and are not too quick to approve loans. This time around you have to show your ability to pay on the mortgage, and are placed in a home they can afford. Ted the problem is the people who have purchased homes and lost their jobs. There is a small percentage of those who people who brought property that was above their income level. Also there were mortgage lenders, or predatory lenders who inflated income levels, along with job earning to put some of these people into homes that they could not afford Things have changed, and banks are looking over applications several times, and are doing their own appraising of the property. No one can predict a job loss, or medical problems, which contribute to foreclosures. These incentives for people to buy homes pay as much as they would or more renting.