Check out the post on RealTown.com that gives snippets of what all of the big outlets and commentators are saying about FHA Secure. The feedback is good!

The first paragraph of this article, “Home Purchase: Right or Wrong Time?”, perfectly illustrates my point from my last post:

Not everyone will fit in the FHA (Federal Housing Administration) box. There are creative financing options available for those who are in challenging loan situations. Those borrowers that don’t fit the traditional FHA box will have to have more “skin in the game”, (down payment) than ever before.

Okay. I’m going to be honest here. FHA loans are for those who could usually not get a decent loan. If you cannot qualify for an FHA loan you should not be buying a house! Or should at least be buying a cheaper house within the FHA’s limits!!! Creative financing is the entire reason the housing market is in shambles!

In the arts, creativity is a prized quality. Creative musicians, authors, and artists are lauded.

However, in Business & Finance, more often than not “creative” is just used to avoid using the word “shady.” The folks over at Enron and Arthur Andersen were renowned for their creative accounting, and look where it got them.

When it comes to mortgages, “creative financing” was often code for “Here’s a mortgage that you won’t be able to pay for in 3 years.” So remember, responsible lending is boring lending. There’s lots of room for creativity elsewhere.

Considering the importance of Congressional decisions regarding FHA, I’ve compiled a few links to relevant government sites:

Suggestions for more links are welcome!