Steve and his wife Michelle were a couple looking for an apartment in New York City, but denied housing because of their race. The couple possessed excellent credit scores, good background, employed, and financially stable. They were looking for a set criteria of an apartment: spacious, well-lighted, and comfortable. After they examined their ideal apartment, they spoke to a realtor agent and were faxed the applications. At the office, the couple gave the receptionist their applications and I.D.s, but the receptionist told them their copier coincidentally happened to be broken. When Steve took out money to pay for the application fee, he was instead told that there were other applications before his, and he will be notify if they get to his application. According to Olati Johnson, professor of Law at Colombia University, applicants were given subtle discrimination by the realtor’s smile and handshake, and hints that they do not belong in a neighborhood from private housing group
The Federal Housing Administration, otherwise known as the FHA, is a government agency created to help alleviate the case of homelessness in the country. The agency is under the authority of the Department of Housing and Urban Development (HUD), set up in 1934 after the Great Depression. The primary purpose of establishing the FHA is to oversee different insurance programs for single family mortgages, insuring mortgage loans provided by HUD-approved lending institutions. In order to get FHA loans, buyers are required to have a satisfactory credit rating and make a down payment.
If you have considered applying for an FHA loan, then you should become familiar with the FHA requirements so that you know what to expect. There are plenty of good reasons to choose FHA over conventional, so whether you are a first time homebuyer, or you are wishing to refinance your current home loan, you can talk to a professional about getting approved for an FHA loan. The FHA loan requirements make it clear, that your first step is in knowing how much you can afford when considering buying a home. For this, there is a specific calculation that compares your current gross income to your existing debts in order to provide a maximum loan amount that you can qualify for. The guidelines are such that it forces to consider what can fit into your budget rather than focusing on what the maximum is you can borrow. Whether you are purchasing a home, or refinancing your current home loan, your FHA loan will be built around having a reasonable debt to income ratio, so what you budget for is important. The second step is getting qualified. In a sense, you will still have to qualify even for a refinance. An FHA loan is not necessarily based on credit score, but it is based on several factors. Pay history, job time, and income are all a part of what helps you to qualify. The FHA requirements want you to show that you have the ability to repay the loan. Your loan will be driven by the documentation that you can provide, such as w2 's, tax returns, insurance, and above all good pay
Nikki asked me what the square footage of the home was. I had to pull out the Whatcom County Real Property page that was in the homeowners file. The square footage was 1100. Nikki said well the home can't be worth $300,000.00 if the square footage is just 1100.00. I told her that I had been to the home and it was more like 1800 square feet. I know what 1100 looks like and this home was larger. Nikki asked to see the county page and I gave it to her. After reviewing all of the pictures she said that Matt's pictures did not show a garage door on the property but the county picture did. I told her that there was a detached garage on the property but not one attached to the home. It was decided that they must have remodeled the garage to become a family room and then built a new garage. Jim said hmmmn, they must not have gotten a permit since the county page does not reflect the new square footage. After that statement the board went on to discuss all of the problems the house may have due to the remodel
She dialed the number. “Park County Realty, Vern Wilson speaking” the voice answered. Cheyenne identified herself and the property of interest. “Is it still available?” she inquired. “I’m sorry ma’am, that property is under contract just this morning. But I do believe a similar and even nicer property will be available soon. It’s across the valley a little bit and it’s really nice. I believe the asking price will be about $85,000.” Cheyenne asked if there were more similar properties available in the area. “Well ma’am, out here, “in the area” is a relative term. If you don’t have to be right in the valley, there are several others available in similar price ranges” the agent said. Cheyenne clarified her requirements and the agent affirmed “Yes ma’am, I think most of them would fit the bill.” “Let me get back to you in a few days. I would like to schedule a trip to see the properties” Cheyenne told him. “Just let me know when you’re coming. I will sure be delighted to show them to you ma’am” Vern replied. As she hung up the phone, Cheyenne felt as though she could conquer the
In the year 2000, the stock market crashed whichshifted thepeople’s money away from the stock market and into the housing market. Many people were buying homes, which led to banks offering more loans, including subprimed loans. Most loans, specifically, subprimed loans began going into default once the credit markets froze in the summer 2007. Things began to deteriorate rapidly. The offering of subprimed loans stopped completely and interest rates for other types of borrowing such as corporate loans and consumer loans rose dramatically. Since the interest rates of loans were so high, home owners were not able to afford to make payments, which caused them to be evicted from their homes. In 2013, the government introduced new laws and
We got into an RV and I was explaining to him what I was looking for. As a disclaimer, I wasn’t wasting his time or taking him from a real sale. I am considering purchasing a 5th wheel to live in for a couple years once my divorce finalizes this summer. Anyway, while I was whispering to him what I was looking for and price range he did stand within 2ft of me. That was as close as he got. From there he would lean in from the shoulders up, and I heard “excuse me” quite often. While interacting with the rep, my son called. I excused myself to take the call and when I answered I used my normal voice. The confusion that hit this males face was radiating, and from there you could tell he was getting very nervous. After getting off the phone I notice he increased his distance and I noticed he had a wedding ring on. He no longer seemed interested in selling me an RV, but more in getting me out of there. The conversation was steered from ‘we can work on financing’ to ‘let me know when you’re ready’. In fact, I had to ask him for his card and he seemed somewhat reluctant to give me one. I decided at this point to let the poor man off the hook, so I did tell him why I was whispering and assured him that I was indeed considering purchasing an RV. He didn’t seem amused but he did seem somewhat relieved. His face relaxed, he let out a long breath but his eyes were scrunched and
I spoke with Lucy Olivarez about the manufactured home. She listened thoroughly and patiently to my inquiry. She paused to reference the property file and politely informed me that it was still available. Although Lucy noted that it needed a good deal of work, she was encouraging about its potential. She stated, "There are many others out there then are definitely worse." Lucy was nice but made no effort to build rapport. Our conversation throughout the call was professional and
I showed her Lake Country Estates, where George lived and when departing one house a B-52 flew over, landing at Carswell Air Force Base. The tremendous noise, combined with the aircraft flying low enough to read the warning labels scared us sufficiently to look elsewhere. I told her about Mansfield and on the way we passed by a model home in Colleyville that caught our eye. The model home impressed us with its fit and finish, but the land prices there were putting the cost above budget. The 12,000-person town of Mansfield was the best suited for the kids and us, even though the nearby planned lake would not be ready until 1990. We explored Walnut Estates housing area as that was on the Country Club Golf course. There were some great wooded lots down the hill from us on Danbury, but even though the Plat showed lots, the realtor advised us that those lots were in a flood plain. We moved our search to the top of the hill. There was a perfectly situated lot considering the tee position and sun angle, but another builder owned it. We negotiated the lot into the deal. The $185K bid still did not quite meet the budget given an enormous 11% interest rate at the time. With further trade-offs, we signed the contract for
It looked like a completely different house. Whenever we were done with the job I went up and knocked on millys door and told her to come outside and take a look. She started balling, at that moment I did not care how much sweat or money was to be made at that job. The look on millys face said it all for me.
Luke has been asked to work on a project that involves developing land recently bought by ABC to build an adult entertainment retail store. According to the plan, Luke’s brother, Owen, whom he is very close to, lives in the neighborhood that the adult entertainment retail store plan will be built. Luke knows that as soon as the plans for the store become public, the property value of the homes in Owen’s neighborhood are expected to decrease significantly. Luke is concerned about his confidentiality obligations to the company. Owen has openly expressed to Luke that he has thought about putting his home on the market for sale; this is concerning for Luke. He knows that Owen has received and acceptable offer for his home already, but wonders if the market for real estate in the area will increase in the next few years.
The buyer’s inspection report noted that these issues were unconfirmed and that additional investigation was required before any conclusions could be drawn. Furthermore, Rong sent several emails to me asking if we had any knowledge of mold or floods. I decided increased transparency was the best way to elevate the buyer’s concerns so I provided a copy of an inspection report conducted by one of the previous potential buyers which gave the house a clean bill of health. Rong even called the realtor who represented that buyer and independently verified the condition of the property did not play a role in the subsequent withdrawal from escrow. This phantom menace became a focal point for the buyers, an issue for which there was no basis in fact yet considerable reliance.