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Down Payment Assistance Program

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GeezerMan

Platinum Member
Jan 28, 2005
2,098
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Link

Saw this on the news today. You get a interest free 25000.00 tax payer funded loan if you buy a foreclosed property in certain zip codes. This is in Ft. Worth, but I'm guessing they are doing it in other areas too. Here is the kicker, your loan is forgiven if you stay for 10 years in the house.
The income limits are pretty lenient for this type of program, a family of 4 can make 79,200.00 and qualify.

Sounds like socialism to me...

"Income-eligible homebuyers will receive a deferred-payment loan with no payments or interest for 10 years. If the homebuyer remains in the home for 10 years, the loan is forgiven. The amount of the deferred-payment loan begins to reduce after five years."
 
Dec 30, 2004
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Jeez. I wish we'd just fix the problem (CDS without capital requirements) before we go around doing this like this. These are bandaids.
 

IamDavid

Diamond Member
Sep 13, 2000
5,873
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Hell ya! Thanks GeezerMan!!! Was looking to buy a new home this month. And in that area too.....

25K off from here
8K back next year!!!

Obama rocks!!! Still like Bush better.
 
Feb 24, 2001
14,550
4
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Nothing really new. Been going on for a while here. Generally done to keep houses in low-income areas inhabited by working folks who may care about the community, instead of being sold to people who will turn them into Sec 8 rentals.
 

GeezerMan

Platinum Member
Jan 28, 2005
2,098
4
81
Originally posted by: IamDavid
Hell ya! Thanks GeezerMan!!! Was looking to buy a new home this month. And in that area too.....

25K off from here
8K back next year!!!

Obama rocks!!! Still like Bush better.
Well, the least you can do is send me a fruit basket. I like tropical fruits the best.
 

Hacp

Lifer
Jun 8, 2005
13,923
1
81
Originally posted by: GeezerMan
Originally posted by: IamDavid
Hell ya! Thanks GeezerMan!!! Was looking to buy a new home this month. And in that area too.....

25K off from here
8K back next year!!!

Obama rocks!!! Still like Bush better.
Well, the least you can do is send me a fruit basket. I like tropical fruits the best.
Ask Obama. Say its for stimulus.
 

Craig234

Lifer
May 1, 2006
38,548
345
126
Originally posted by: GeezerMan
Link

Saw this on the news today. You get a interest free 25000.00 tax payer funded loan if you buy a foreclosed property in certain zip codes. This is in Ft. Worth, but I'm guessing they are doing it in other areas too. Here is the kicker, your loan is forgiven if you stay for 10 years in the house.
The income limits are pretty lenient for this type of program, a family of 4 can make 79,200.00 and qualify.

Sounds like socialism to me...

"Income-eligible homebuyers will receive a deferred-payment loan with no payments or interest for 10 years. If the homebuyer remains in the home for 10 years, the loan is forgiven. The amount of the deferred-payment loan begins to reduce after five years."
You know what's worse, I heard the government has this new program to spend *billions* of dollars building roads that - get this - ANYONE can use all they want for free. If you drive on them all day, you don't pay a cent; and if you don't even use them, *you still have to pay the same as those who do* in your taxes.

And like always the rich have to pay more. So if you make $100 million and pay $15 million in taxes, you might be paying thousands of times more in taxes for the same right to the rad - but you can't get thousands of times as much use for it as the guy who probably drives on it more than you.

Sounds like socialism to me!
 

Hacp

Lifer
Jun 8, 2005
13,923
1
81
Originally posted by: Craig234
Originally posted by: GeezerMan
Link

Saw this on the news today. You get a interest free 25000.00 tax payer funded loan if you buy a foreclosed property in certain zip codes. This is in Ft. Worth, but I'm guessing they are doing it in other areas too. Here is the kicker, your loan is forgiven if you stay for 10 years in the house.
The income limits are pretty lenient for this type of program, a family of 4 can make 79,200.00 and qualify.

Sounds like socialism to me...

"Income-eligible homebuyers will receive a deferred-payment loan with no payments or interest for 10 years. If the homebuyer remains in the home for 10 years, the loan is forgiven. The amount of the deferred-payment loan begins to reduce after five years."
You know what's worse, I heard the government has this new program to spend *billions* of dollars building roads that - get this - ANYONE can use all they want for free. If you drive on them all day, you don't pay a cent; and if you don't even use them, *you still have to pay the same as those who do* in your taxes.

And like always the rich have to pay more. So if you make $100 million and pay $15 million in taxes, you might be paying thousands of times more in taxes for the same right to the rad - but you can't get thousands of times as much use for it as the guy who probably drives on it more than you.

Sounds like socialism to me!
Why should someone who doesn't own a car pay taxes to subsidize gas guzzlers? More government=more taxes=more waste.
 

GeezerMan

Platinum Member
Jan 28, 2005
2,098
4
81
Even Libertarians think the govt should build roads. Roads are used by 99.9% of the population. Pretty much a requirement, and universal good. I don't see any part of this home program that says the general public can come on for a visit when you buy one with the subsidy.
 

Craig234

Lifer
May 1, 2006
38,548
345
126
Originally posted by: GeezerMan
Even Libertarians think the govt should build roads. Roads are used by 99.9% of the population. Pretty much a requirement, and universal good. I don't see any part of this home program that says the general public can come on for a visit when you buy one with the subsidy.
But it's still socialism and therefore wrong!

Look, that road they build in front of a few houses doesn't benefit 99.9% of Americans - just the few who live there. But when you build roads all over it becomes a 'public good'.

So, this subsidy for one house doesn't benefit most, only the few people who live there, but make it a national program, and suddenly it's 'public good' too.

Toss in the benefit to the economy that helps pretty much everyone to seal the deal for your socialist program also being for the 'public good'.

It's all socialism and all bad!

Oh, and now they're talking about somethign called 'Diamond Lanes', and they can do it since they control the roads - abuse of power! They're sneaking them in under the 'carpool' justification, but in no time you know that they'll expand that to theselves and their elitist 'friend' who they give special stickers to. If you don't see that one coming a mile away, you don't have what it takes to be a modern Republican. Just say no!

You know what else pisses me off? The FDA - who is the government to deny me the freedom of choice to get drugs cheaper if I want to avoid all the overhead of their testing - however much they think is the right amount? Why can't the private sector handle this. It can have private labs who test and certify, and people can choose whether to buy cheaper drugs with less certification, or pay more for certification, and drug companies can more efficiently match the testing to the market. Government-monopoly on it is socialism!

I haven't decided yet on the military. It's damn socialist - they can take OUR kids without our say if they restore the draft, but even now, they can send the military places many citizens don't approve of and make us pay for the war - we should let the private sector handle it. If there's a war people really care about, like WWII, lots of people will pay for an efficient military to fight it - and we won't let the government just say what wars our nation fights and we pay for. If it's a bad war, not many will pay, so they can't do much harm.

We can still leave nukes in the hands of the government because it's too dangerous to have them running around in the highest bidder's hands. We're not radicals!

Oh and FDIC insurance. Socialism! Why shoudl the government guarantee deposits - that just makes people let their money stay in bad banks getting misused longer than if they pulled it out when the bank starts taking crazy risks. And that makes the problem worse until we get a big crisis like this. Get rid of FDIC and let consumers pay attention to what their banks are doing and pull their money out when the bank does bad, and we'll prevent crashes! More socialism to get rid of!

Then there's the FAA - you talk about not being a 'public service' - a lot of Americans don't even fly at all, while some fly all the time, but they all have to pay for the monopoly!

Why should people who don't fly have to pay for any FAA?
 

Hacp

Lifer
Jun 8, 2005
13,923
1
81
Originally posted by: GeezerMan
Even Libertarians think the govt should build roads. Roads are used by 99.9% of the population. Pretty much a requirement, and universal good. I don't see any part of this home program that says the general public can come on for a visit when you buy one with the subsidy.
Thats a job for state government, not the federals. Once we start throwing federal money into the system, bridges to nowhwere will start popping up.
 

rudder

Lifer
Nov 9, 2000
19,434
84
91
Originally posted by: Craig234
Originally posted by: GeezerMan
Link

Saw this on the news today. You get a interest free 25000.00 tax payer funded loan if you buy a foreclosed property in certain zip codes. This is in Ft. Worth, but I'm guessing they are doing it in other areas too. Here is the kicker, your loan is forgiven if you stay for 10 years in the house.
The income limits are pretty lenient for this type of program, a family of 4 can make 79,200.00 and qualify.

Sounds like socialism to me...

"Income-eligible homebuyers will receive a deferred-payment loan with no payments or interest for 10 years. If the homebuyer remains in the home for 10 years, the loan is forgiven. The amount of the deferred-payment loan begins to reduce after five years."
You know what's worse, I heard the government has this new program to spend *billions* of dollars building roads that - get this - ANYONE can use all they want for free. If you drive on them all day, you don't pay a cent; and if you don't even use them, *you still have to pay the same as those who do* in your taxes.

And like always the rich have to pay more. So if you make $100 million and pay $15 million in taxes, you might be paying thousands of times more in taxes for the same right to the rad - but you can't get thousands of times as much use for it as the guy who probably drives on it more than you.

Sounds like socialism to me!
Great comparison there.:roll:

How is someone getting 25K for a house the same as building a road that enables your local supermarket to get fresh fruit among other things? Every gallon of gas you buy helps fund these roads. if you don't have a car or use a bus... then you do not pay for them.
 

GeezerMan

Platinum Member
Jan 28, 2005
2,098
4
81
Originally posted by: Hacp
Originally posted by: GeezerMan
Even Libertarians think the govt should build roads. Roads are used by 99.9% of the population. Pretty much a requirement, and universal good. I don't see any part of this home program that says the general public can come on for a visit when you buy one with the subsidy.
Thats a job for state government, not the federals. Once we start throwing federal money into the system, bridges to nowhwere will start popping up.
Oh yeah, I agree. Most tax spending should be done close at home, where you can keep an eye on it.
 
Dec 30, 2004
12,554
2
76
Originally posted by: Craig234
Originally posted by: GeezerMan
Even Libertarians think the govt should build roads. Roads are used by 99.9% of the population. Pretty much a requirement, and universal good. I don't see any part of this home program that says the general public can come on for a visit when you buy one with the subsidy.
But it's still socialism and therefore wrong!

Look, that road they build in front of a few houses doesn't benefit 99.9% of Americans - just the few who live there. But when you build roads all over it becomes a 'public good'.

So, this subsidy for one house doesn't benefit most, only the few people who live there, but make it a national program, and suddenly it's 'public good' too.

Toss in the benefit to the economy that helps pretty much everyone to seal the deal for your socialist program also being for the 'public good'.

It's all socialism and all bad!

Oh, and now they're talking about somethign called 'Diamond Lanes', and they can do it since they control the roads - abuse of power! They're sneaking them in under the 'carpool' justification, but in no time you know that they'll expand that to theselves and their elitist 'friend' who they give special stickers to. If you don't see that one coming a mile away, you don't have what it takes to be a modern Republican. Just say no!

You know what else pisses me off? The FDA - who is the government to deny me the freedom of choice to get drugs cheaper if I want to avoid all the overhead of their testing - however much they think is the right amount? Why can't the private sector handle this. It can have private labs who test and certify, and people can choose whether to buy cheaper drugs with less certification, or pay more for certification, and drug companies can more efficiently match the testing to the market. Government-monopoly on it is socialism!

I haven't decided yet on the military. It's damn socialist - they can take OUR kids without our say if they restore the draft, but even now, they can send the military places many citizens don't approve of and make us pay for the war - we should let the private sector handle it. If there's a war people really care about, like WWII, lots of people will pay for an efficient military to fight it - and we won't let the government just say what wars our nation fights and we pay for. If it's a bad war, not many will pay, so they can't do much harm.

We can still leave nukes in the hands of the government because it's too dangerous to have them running around in the highest bidder's hands. We're not radicals!

Oh and FDIC insurance. Socialism! Why shoudl the government guarantee deposits - that just makes people let their money stay in bad banks getting misused longer than if they pulled it out when the bank starts taking crazy risks. And that makes the problem worse until we get a big crisis like this. Get rid of FDIC and let consumers pay attention to what their banks are doing and pull their money out when the bank does bad, and we'll prevent crashes! More socialism to get rid of!

Then there's the FAA - you talk about not being a 'public service' - a lot of Americans don't even fly at all, while some fly all the time, but they all have to pay for the monopoly!

Why should people who don't fly have to pay for any FAA?
Free market couldn't solve any of those. Housing ordeal? Free Market definitely can. The prices just have to fall.
 

GeezerMan

Platinum Member
Jan 28, 2005
2,098
4
81
"Free market couldn't solve any of those. Housing ordeal? Free Market definitely can. The prices just have to fall."

Right. Instead, we are creating more government paperwork to administer the program for years and years.
Let the market decide what they are worth.
 
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