my husband and I had previously had homes with x partners which they kept the house and we kept nothing but now find there is no help for ppl like us who re-marry and wish to get back into the market, why is it all about the first home buyer, when ppl in our situation have nothing finding it hard bring up children and we get no help to purchase a house of our own because our first marriage failed, and the house were brought in the 80s, the goverment should offer insentives for 2nd mortgages in similar situations so we have a chance to purchase our dream home too. We are in the same situtatio as our eldest children who are first home buyers they have no deposit but can get the $7000 grant or the equity share mortgage why dont the goverment offer this scheme to ppl like us who find it finacially hard because of our past situations this would help millions of ppl the same and would free up rental properties for others.The goverment needs to help everyone not just a few.
2007-08-07 15:26:25 · 9 answers · asked by Joanne B 1 in Business & Finance ➔ Renting & Real Estate
Because if you bought a home once even if you later divorce you have the equity from the first house.
I left my home not long after we bought it to divorce my ex and gave him the house because it was his VA benefit and we had no equity but I still had had my chance to get a home for nothing down. I bought another home later with 20% down the old fashioned way. By the time you have a house and get a divorce you should be more established in a career so easier to save a down payment.
You are lucky you had a second spouse to help you get a house, I did mine on my own.
2007-08-07 16:32:35 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
I am not sure I understand what you mean. There is help for first time home buyers but that is usually because they need the help. It is a big jump from renting to home ownership. In many cases, your housing expense doubles.
If you are saying that you cannot buy a home because of a credit situation caused by a previous divorce, then there is not much anyone can do for you. However, you can do for your self. Like getting your credit rating up in a few years by paying your bills and removing the tradelines when you pay them off. Try establishing your credit with small secure cards. Just remember you are building the credit and it takes time.
Besides, there are programs out there that will help you regardless of how many homes you've owned. These are mostly based on income levels and geographic areas or in some cases gender. Also, there is all kinds of creative financing going on, especially with the current real estate market. Sellers are willing to listen and can assist greatly.
Listen, I am sorry that your previous relationship put you in a bind. However, it was something you put on yourself. I'm not saying its your fault, I'm just saying you had access to these programs and you didn't use them or you already used them or didn't do the research to use them. Its not the governments job to knock on your door and tell you everything you need to know about buying a house. Believe in yourself, correct your situation and please do not depend on the government to take care of you. (They don't know how).
2007-08-07 17:27:22 · answer #2 · answered by Qpid59 3 · 0⤊ 0⤋
I agree with the first two posts, and just want to add that it's thinking like this that has gotten the country into this housing market bust and tremendous rise in foreclosures. I don't care if it's your first house or your 10th, you shouldn't ever finance 100%...you should ALWAYS save up for a down-payment. People who feel entitled to homeownership when they cannot afford it will end up regretting it later.
Make a budget. Cut out dinners out, cut out your morning Starbucks, trade in the car that only takes premium gasoline for a used honda or toyota and drive it til it dies 300,000 miles later. There are ways to save up for a house without getting money from taxpayers or borrowing 100% of the purchase price. If you want a home so badly, you will find a way to make these daily sacrifices to get it.
2007-08-07 15:36:27 · answer #3 · answered by oboeduck 2 · 2⤊ 0⤋
Yeah, and how about the third! And the fourth! Yeah!!! Free money for everyone.
You've got to be kidding!?
You had your chance at incentives with your first house. You don't really expect them to do it again just because your marriage ended do you? There are lots f things that would help millions, that does not mean that I want MY tax dollars to pay for it.
2007-08-07 15:31:34 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Just how many times do you want the government to give you a handout for buying a house ? Third marriages too ? How about fourths ? Please. American home ownership is a DREAM, and not a RIGHT.
The rest of us should shovel out money because your first marriage didn't work ?
2007-08-07 15:30:25 · answer #5 · answered by acermill 7 · 2⤊ 0⤋
It's actually corporate welfare for the construction and real estate industries and any benefit to others is accidental. But because there is a benefit, they want to spread it around. You already got yours, and profited from it whether or not you kept the house.
2007-08-07 16:30:07 · answer #6 · answered by HPH 2 · 0⤊ 0⤋
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2014-12-18 14:30:16 · answer #7 · answered by ? 3 · 0⤊ 0⤋
I agree, we need to address this with our political leaders. WE also need to change the reporting of "bad credit" from former marriages. If one partner screws up after separation it messes up both people's credit which is truly unfair, especially if the person doing it marries again and continues to ruin your credit. I think if you were only a "co-borrower" you are technically a first time buyer when you try on your own...so I agree there needs to be change!!! Call your law makers!
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2014-09-24 11:09:27 · answer #9 · answered by Anonymous · 0⤊ 0⤋