As much I want to say typical government sloppiness, I have to remember banks had employees committing fraud to qualify borrowers. My point, the whole system is broken.
GAO Reports 6,327 Tax Debtors Received FHA-Insured Mortgages
06/28/2012 By: Esther Cho
Under federal policy, those who are behind on their taxes are ineligible for FHA mortgage insurance unless they repay their debt or are in a valid repayment agreement with the IRS.
However, the Government Accountability Office (GAO) released a report that revealed FHA insured over $1.44 billion in mortgages for 6,327 borrowers who had a total of $77.6 million in federal tax debt. The watchdog group explained that the borrowers benefited from the 2009 American Recovery and Reinvestment Act, which includes a provision that increased mortgage insurance loan limits and provided an estimated $12 billion in Recovery Act First-Time Homebuyer Credits (FTHBCs) to 1.7 million individuals.
Among the 6,327, 3,815 claimed and received $27.4 million in Recovery Act First-Time Homebuyer Credits (FTHBC). Unlike eligibility requirements for an FHA-insured mortgage, FTHBC was available to those who did have tax debt.
North Tustin Overview
| Median home price is $702,000. Based on a rental parity value of $673,000, this market is fairly valued. |
| Monthly payment affordability has been worsening over the last 3 month(s). Momentum suggests worsening affordability. |
| Resale prices on a $/SF basis declined from $274/SF to $274/SF. |
| Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. |
| Median rental rates increased $33 last month from $2,757 to $2,791. |
| Rents have been falling for 3 month(s). Price momentum suggests unchanging rents over the next three months. |
| Market rating = 1 |
Proprietary OC Housing News home purchase analysis 
12643 PANORAMA Vw North Tustin, CA 92705
$1,649,000 …….. Asking Price
$1,649,000 ………. Purchase Price
1/25/2012 ………. Purchase Date
$0 ………. Gross Gain (Loss)
($131,920) ………… Commissions and Costs at 8%
============================================
($131,920) ………. Net Gain (Loss)
============================================
0.0% ………. Gross Percent Change
-8.0% ………. Net Percent Change
0.0% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$1,649,000 …….. Asking Price
$329,800 ………… 20% Down Conventional
4.30% …………. Mortgage Interest Rate
30 ……………… Number of Years
$1,319,200 …….. Mortgage
$323,989 ………. Income Requirement
$6,528 ………… Monthly Mortgage Payment
$1,429 ………… Property Tax at 1.04%
………… Mello Roos & Special Taxes
$412 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
………… Homeowners Association Fees
============================================
$8,370 ………. Monthly Cash Outlays
($1,403) ………. Tax Savings
($1,801) ………. Equity Hidden in Payment
$513 ………….. Lost Income to Down Payment
$432 ………….. Maintenance and Replacement Reserves
============================================
$6,110 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$17,990 ………… Furnishing and Move In at 1% + $1,500
$17,990 ………… Closing Costs at 1% + $1,500
$13,192 ………… Interest Points
$329,800 ………… Down Payment
============================================
$378,972 ………. Total Cash Costs
$93,600 ………. Emergency Cash Reserves
============================================
$472,572 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
sales@ochousingnews.com…..
We're sorry, but it seems that we're having some problems loading MLS # P826470 from our database. Please check back soon.
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$1,325,000 12792 PANORAMA Crst |
0.09 miles 4 bd / 4.5 ba 4,339 Sq. Ft. |
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$1,050,000 - |
0.16 miles 5 bd / 4 ba 4,800 Sq. Ft. |
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$1,849,000 12901 PANORAMA Pl |
0.18 miles 4 bd / 3 ba 4,554 Sq. Ft. |
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$1,299,000 19051 FAIRHAVEN Ext |
0.23 miles 5 bd / 3.25 ba 4,100 Sq. Ft. |
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$1,075,000 12951 SPRINGWOOD Dr |
0.32 miles 5 bd / 3.5 ba 4,200 Sq. Ft. |
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$1,395,000 12941 VILLA ROSE Dr |
0.33 miles 6 bd / 4.25 ba 4,100 Sq. Ft. |
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$898,000 12392 BAJA PANORAMA |
0.39 miles 5 bd / 3.25 ba 4,050 Sq. Ft. |
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$988,000 19441 BARRETT Ln |
0.39 miles 5 bd / 5.5 ba 4,600 Sq. Ft. |
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$1,550,000 19672 PINE CANYON Rd |
0.39 miles 5 bd / 4.5 ba 5,730 Sq. Ft. |
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$879,900 12326 BAJA PANORAMA |
0.48 miles 5 bd / 4.5 ba 5,000 Sq. Ft. |
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[...] talking about 1,500 loans here, but they are huge loans. This also happened with FHA where almost 7,000 loans were given out to people that owed back taxes. Granted Orange County hasn’t been rural since [...]