Comments on: Starting Point by Gerri Willis: Buying A Foreclosed Home http://helpthemiddleclass.com/2009/05/25/starting-point-by-gerri-willis-buying-a-foreclosed-home/ News and Information For The Heart Of America Mon, 20 Jun 2011 12:42:30 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Ron from Mesa az http://helpthemiddleclass.com/2009/05/25/starting-point-by-gerri-willis-buying-a-foreclosed-home/comment-page-1/#comment-817 Ron from Mesa az Tue, 09 Jun 2009 02:56:32 +0000 http://helpthemiddleclass.com/?p=5444#comment-817 We watch your program with great iterest and think you are the most even-minded financial person with CNN. This article and your coverage of today are very good, but I'd like to give you some additional input "from the trenches". My partner and I are seniors who live on a combined fixed income of $28,800. We have average credit ratings. In March, we were able to obtain a FHA 30 year fixed rate mortgage for a foreclosed property for which we paid $90,000. The interest rate is 5% with only 3.5% down payment (not 5%). Since we were buying a foreclosed home, the bank (and many do) paid up to 3% of our closing costs, i.e., $2,700.. Additionally, we were each able to claim the $4,000 tax credit. Therefore, in the end we came out far ahead. We used to live in a manufactured home (an asset which delcines in value). We now live in a 2 bedroom/2 bath home, built in 2004 which originally sold for $140,000. The home is located in a gated community which has a clubhouse and a pool. Think this is a great example of how people can, if they are willing to explore, make life better for themselves and not live with much of the panic, "doom and gloom" that permeates our current culture. We watch your program with great iterest and think you are the most even-minded financial person with CNN. This article and your coverage of today are very good, but I’d like to give you some additional input “from the trenches”. My partner and I are seniors who live on a combined fixed income of $28,800. We have average credit ratings. In March, we were able to obtain a FHA 30 year fixed rate mortgage for a foreclosed property for which we paid $90,000. The interest rate is 5% with only 3.5% down payment (not 5%). Since we were buying a foreclosed home, the bank (and many do) paid up to 3% of our closing costs, i.e., $2,700.. Additionally, we were each able to claim the $4,000 tax credit. Therefore, in the end we came out far ahead.

We used to live in a manufactured home (an asset which delcines in value). We now live in a 2 bedroom/2 bath home, built in 2004 which originally sold for $140,000. The home is located in a gated community which has a clubhouse and a pool. Think this is a great example of how people can, if they are willing to explore, make life better for themselves and not live with much of the panic, “doom and gloom” that permeates our current culture.

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