subject: Bedroom For Three Boys | Bedroom for Kids [print this page] Bedroom For Three Boys | Bedroom for Kids If you have 5% or higher FHA loans going into foreclosure is it prudent to throw the baby out with the bath water or would it be better to coach up and counsel the buyers to slow down the default rates. Many feel this was a knee jerk reaction to a program that had worked for many years to provide first time homebuyers ready access to the American dream, owing their very own home. Many of the original players are positioning and fighting against the directive from the bureaucrats to outlaw all homebuyer assistance programs, which are NOT government entities. A funny thing happened on the way to eliminating these homebuyer assistance programs. By definition, Indian Tribes ARE government entities. Soif an Indian Nation within the United States decides to set up a Homebuyer Assistance Programthen who is to say now that a government entity cannot conduct business as such. All have witness the power of the Indian Nations to conduct business in the U.S. unabated with regard to fishing, gambling, their own courts, lands, etc. Now, The Penobscot Tribal Nation has set up a Homebuyer Assistance Program. If anything, this has set the bureaucrats on their ear. The bureaucrat's left with scratching their collective heads, the program is rolled out to help FHA first time homebuyers.
What follows is an example how this program might work for a first time homebuyer using the FHA (Federal Housing Administration) through the Department of Housing and Urban Development (HUD).
James and Laticia have been living in a two-bedroom apartment for three years. They have two young school age boys and a sonogram in hand that indicates there is a baby sister on the way. The two-bedroom apartment will not accommodate two young boys and a new baby sister. James and Laticia received something in the mail regarding a homebuyer assistance program. Recognizing that the housing market is now weak in their town, it will be necessary to get the seller of a selected property to pay all the closing costs and prepaids and make a 3% contribution to the non-profit Penobscot Tribal Nation's homebuyer assistance program. In spite of all the good intentions they have not been able to accumulate any significant savings for a down payment and connected cost with buying a home. James and Laticia have spent the last couple years paying off collections and delinquent hospital bills surrounding the two pregnancies for the boys. At the time, they did not have health insurance. Now both have new jobs in the same line of work making good money and can stretch the rental payment up to qualify for a bigger housing expense. Fortunately, both are covered with full health insurance and the pregnancy will be taken care of in full with no deductible. With the parental leave for the new birth coming soon it's important for James and Laticia to find a home of their own soon. They are now on a month-to-month rental status.
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