Are there new "housing rules being phased in?"

Anonymous · ‎02-13-2011

On the credit card boards, ARMYWIFEY made a comment that there are supposed to be new housing rules phased in and that if anyone wanted to buy a house that they better do it before 2013. Does anyone have any idea what this means? i believe that MARINEVET asked the same question but no answer was posted. It was implied by the post that more fees would make it impossible for the average person to buy a home and that" only the rich would be able to afford the luxury of owning a home." Sorry but i dont know how to cut and paste but the original thread on credit board was "has anyone ever reported a merchant ..." I am hoping to apply for a mortgage in late 2011-early 2012 so im very interested in what this deals with. thanks

Watchmann · ‎02-13-2011

You are referring to this post ------------>:

"You better get ready to pay even more fee's, when the new housing rules get phased in, only the wealthy will afford the luxury of owning a home. Then they will buy up alot of the housing and rate jack you to death.. So if your thinking of buying a house you better do it before 2013. Rent will sky rocket wait and see! The rich got the politicians, foaming at the mouth, with the amount of kickbacks they will receive. They find a way to fee you to death, if they see your willing to pay it then so be it they will charge a fee for it. That's called supply and demand they know you want it, and will pay whatever fee to get it lol. That's why your country is so far in debt to China Take a look at your bill's they already fee you to death! Then look at how they spend your tax dollar's on bs !"

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I took that post as just grumbling from someone who may have had housing issues in the past and believes the world is coming to an end housing wise. Is the housing market still in turmoil......yes. Is it going to recover.....YES, but it will be in a more sane world. I've heard of no rules taking effect in 2013 that will up end the market. Except that the world is supposed to end next year, 2012. That would definitely make things difficult in 2013.

Anonymous · ‎02-13-2011

I am in watchmans side as far as the post goes.

That said, The government is trying to get rid of fannie may and freddie mac and put severe limitations on FHA (Down payment increased over phases up to 10%)

Who knows if that will happen or not. If it does, it willbe alot harder for the average person to buy a home in expensive markets.

Credit restrictions will likely keep getting tighter until the market stabilizes enough that banks can come in and start taking some risks by offering more flexible loans that are non gov't backed (i.e supprime type or more split loan/piggyback loans). That is how the market works. At some point there will be enough of demand for those type loans (not necesarily all of the ols subprime stuff and the lenders will be tighter on them that they were on 05/06) that a market will develop.

If I was goign to need to buy a home in the near future though I would do it now while rates area still reasonable and the gov't programs are still viable entities.

Anonymous · ‎02-13-2011

@Watchmann wrote:
You are referring to this post ------------>:

" Except that the world is supposed to end next year, 2012. That would definitely make things difficult in 2013. LMAO! If the "END" is anything like the movie 2012 then yes the real estate market may have a few problems. Maybe see about a good homeowners ins. policy covering floods.(LOL) With that said ,no new laws as of yet. However theres starting to be a little traction within the government about doing away with Freddie and Fannie. That will end up with private banks and mortgage companies carrying the note. 20% down payments will become the norm again . Thats a good thing as far as I'm concerned.