What Time Do The Missouri Tigers Play Football Today Since When is Staying Current on Your Mortgage Not Enough?

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Since When is Staying Current on Your Mortgage Not Enough?

Recently, a respected business magazine published an article about a young woman who bought a house with an FHA loan and made the required 3.5% down payment. This article is one of the most biased and fact free I have seen in a long time. He briefly describes the process of getting an FHA loan, then goes on to attack the woman who uses the loan, as well as her family.

The article seems content to keep making unsubstantiated claims regardless of the actual facts. Short of mentioning the actual details, it looks like this woman took out an FHA 203(k) loan. This type of loan allows the homeowner to get money over and above the purchase price so they can make necessary repairs/upgrades to their home. In the case of this woman, when she bought the house, it was “just a ‘box’ with no kitchen or bathroom”.

This loan allowed her to install both a kitchen and a bathroom and significantly increase the value of her home. The author takes issue with her when she says her home has increased by $100,000 thanks to the improvements. He calls it a “value-to-imagination estimate” and also says that “she doesn’t give any indication of how she came to the conclusion that she made $100,000 in profit in just one month.” Well, apparently the author didn’t do the research on the loan program he was so eager to criticize. When an appraisal is done for an FHA 203(k) loan, the FHA appraiser provides a value for the home’s current value (which is not the same as the purchase price) and then a value for what the home will be once the repairs are completed. In addition, the purchase price of this particular home, which was previously a foreclosed property, was probably less than its actual market value to begin with.

After making some brief claims about the FHA loan program, which were buried under all the slander, the author then goes on to attack her father. The author recounts a story told by a woman that her father first bought a house and then started acquiring nicer things. The author makes it clear that he thinks the father was not paying for these things, but was “using their home as an ATM.” Making unsubstantiated claims about someone the author has actually spoken to is unacceptable, but making these claims about an unknown family member of the person they interviewed is disgusting. It’s unfortunate that people like this have a following and can influence people’s opinions.

This woman’s decisions are not other people’s business until she starts affecting other people’s lives. By keeping up with the mortgage, she’s stimulating the economy, not depressing it. We hope that she will continue to invest in the real estate market, remain committed to responsibility and enjoy the privilege of home ownership.

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