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I live in foreclosure capital - Stockton, CA. Homes are cheap but not as cheap as it was in 2001/2002. I'm looking for a home but with the news of Freddie and Fannie failing, I'm reluctant to put a down payment for a house and be tied to a mortgage for a home that may loose significant value in the next year or two. However, I know if there is a bail out of Freddie or Fannie, it may be even more difficult to obtain a mortgage in the future if I don't act now. Any suggestions of what I should do (buy or wait) or any other inputs would be greatly appreciated.
If you are planning to stay put for a few years, go ahead and try to buy. Negotiate with possible lenders to see if they are interested in doing a deal -- before you make an offer.
If you are financially stable go ahead and buy, now is the time. The people that should not have been given the large loans from the get go, are the ones in forclosure now. There was a break down and people were getting very greedy. There were Brokers and loan officers that had no idea what they were offering so they could not give the best advise with certain loan programs, especially the arms. No offense, but someone that has had 3 years of fast food experience doesn't make you qualified to be a loan officer or a broker. Many states were handing out licenses left and right. If you had the funds or knew someone, they shared the wealth at the expense of the person who is now foreclosing. American Home Mortgage out in indiana was known for this at all levels. This included Retail lending and Secondary lending. You have to shop around, if it sounds impossible or way to good, then ask a lot of questions and go with your gut feelings and walk away if it seems bad. If you are not aware American Home Mortgage was a top 10 lender during the 1st and part of the second quarter and at the end of the second quarter couldn't even fund any loans and lost of people lost out, including their own employees that helped them become a top 10 lender. Good luck
You're in California - home prices will ALWAYS rebound, so BUY BUY BUY!! They may dip a little within a year or so (not likely they're going to dip much more) but after that you'll start earning equity & will be glad you bought when you did. The Big F's won't fail - & you can bet the government will be bailing them out if things looked that bad, but I haven't heard anything that dire. Just do yourself a favor & PLEASE make sure you qualify for an actual 30-year fixed rate loan before going any further!!!!
Fannie Mae & freddie Mac are fine there wont be any buyout help with the Goverment to them.They are not reaching there goals with there "projected numbers"Go head and start your seach for a home and everthing will work its self out.