Another Great Depression?

[tulip]

Wow. My in laws gave us a pretty big amount of money for a deposit on our house when we bought in 2005. First it wasn't in our account, then it was. No questions were ever asked. I never really thought much of it, but it sounds like that would raise some eyebrows now.

Usually you have to show bank account info for three months prior to your purchase. That's how it's always been for me in my three house purchases. Otherwise it's considered a gift and is treated differently.

[GLC1968]

Usually you have to show bank account info for three months prior to your purchase. That's how it's always been for me in my three house purchases. Otherwise it's considered a gift and is treated differently.

Unless you could show where it came from (in our case, the sale of our previous home).

When we purchased our first home, we used money received as wedding gifts towards the downpayment. We had to sign paperwork stating that it was from gifts and the largest of the givers had to write a letter as well. This was in 2003 - but we also had no home purchase history and I had very little career related job work (I was just out of my masters program and only employed for a few weeks). Plus, that home was a stretch for us, financially. In retrospect, I still can't believe how easy it was...even with all the things that now would be considered marks against us. And that was only 5 years ago!

[Mr. Bloom]

When we bought our first house in 1986, they wanted copies of our college diplomas...

We didn't even attend our graduation, but they wanted copies of our diplomas

[maillotpois]

Maybe it was just easier for us because our lender is our bank (Wells Fargo). Cut out a step, perhaps.

[KnottedYet]

I'm a middle-aged single parent who has never owned a house.

I doubt I'd ever be able to buy one, either, cuz just this year I finally started making money at a REAL job and now I make too much to qualify for the downpayment grants our city gives single parents to help them buy their first home!

Of course, when I *did* qualify, I wasn't making enough to actually be able to afford the monthly mortgage payement, regardless of having a grant for the downpayment or not.

boogers.

And as the mortgage crisis comes to fruition, I'll be shoved right out of a mortgage through any bank. And my rent will continue to rise as people can no longer get loans to buy houses so demand for rentals goes up, and I'll never be able to save the $$ for a downpayment unless I start living in my car. (my rent for my apartment has gone up $300/month over the last 4 years)

[Zen]

I bet you can find a first-time home buyers loan out there somewhere.

[Trek420]

It's sure a great time to buy a house. Do you think it could simultaneously be a buyers AND a sellers market?

I'll tell you a funny story, when I got my loan and closed the house sI had to fill out all the forms and jump through hoops including verification of employment. At the antique store I work for that's done by a fax. You wanna know that I work there? HR sends a fax.

The bank insisted, said other employees always gave her a toll free number and a pin code and she called to verify employment.
Trek: No, HR sends you a fax.
Bank: What about the toll free number and pin code?
Trek: That's to verify that I USED to work here, like to check a resume or references.
Bank: But everyone else gave me an 800 number and....
Trek: Was it this? 800-EX-EMPLOY and this pin code
Bank: Yes, they always gave that one
Trek: That's the number to verify that I used to be, no longer am, was, ex employed, fired, retired otherwise no longer there ....
Bank: Oh.
Trek: You've been HAD

She thanked me and of course I got a fixed loan.