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You're listening to Carrie Letts's Financial Survival
Network, where you get valuable information you

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in today's trying times. You need the

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Financial Survival Network now more than ever. Go to Financial Survival Network dot com

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and get your free newsletter in gift
Financial Survival Network now more than ever,

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And welcome you are listening to watching
the Financial Survival Network. I'm your host,

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Carrie Lutts. Well, we're all
deadbeats now, at least the current

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administration. As their way, they
proposed a rule that I guess all's fair

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in the love and war and politics
and the mortgage finance. Basically my understanding

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of it is, and Debbie Bloyd
is with us. Shall love further elucidate

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the subject that an additional fee will
be charged on mortgage borrowers so that the

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good people will pay for the bad
people and make the government whole? Do

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I have that right, Debby?
You do? I mean it's the dumbest

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rule ever. Right, So,
now we're having to give money to the

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people that don't have and really,
you know, carry it doesn't go to

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the people that don't have the good
credit. It's just a penalty for those

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of you that have the good credit. We don't know actually where it goes.

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Well, so the people with bad
credit, do they have to pay

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this? No, No, because
they haven't. They they can't. If

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they could pay any money, they
wouldn't have bad credit, right, they

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wouldn't let things pile up and be
late. So I don't know where the

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penalty goes, Like, if all
the good borrowers are paying it, where

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does it get applied? Because how
are you gonna give it to the bad

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people unless the lenders give it?
I don't know. They haven't said yet.

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Who gives it? Yeah, well, probably goes to some government slush

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where they can do whatever they want
with it. But what's a fee going

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to be? Do we know that
yet? Oh, we don't know any

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of that yet. So it can
be four to five hundred dollars, or

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it can be a percentage. I
don't think they've finalized any of it yet.

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It just whatever it is is going
to start May first, which freaking

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everybody out that's trying to buy houses
because they don't know what's going on,

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and we don't know what's going on. It's nuts and the last thing we

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need in the current real estate environment
is yet more uncertainty. You're right,

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yeah, I mean, you know, it's hard enough to try and figure

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out how to buy a house right
now, what the rates are going to

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be, what the rates are going
to be six months from now. We've

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got people that are hesitant to put
in an offer because it's so volved.

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They're like, we'll just wait.
I mean, we're gonna see. Well,

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rates are only going up, they're
not going down any right now.

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So all the people waiting to see
they're not doing themselves any favors. Yeah.

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So so what is a HomeBuyer to
do here that I mean, well,

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I mean, if you're renting,
you don't want to keep paying rent

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because you're paying the mortgage for somebody
else where. There's a house or department,

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you're paying someone's payment, right,
So if you can afford to buy

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something of your own, it's better
than renting. But if you don't have

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a cash flow, So you know, everybody that could have a house,

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carry it said, have already gotten
a house in the last few years.

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They got it rates for low,
So those people aren't moving. There's not

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a lot of choices on the market, and the choices on the market and

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any state gets snapped up pretty darn
quick if they're in good condition. Now,

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if they're not in great condition,
people are like, yeah, I

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just you know, maybe I should
just wait and find something better. So

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it depends greatly carry on the price
range that you're in. I have a

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girl that's looking for condos and she
can't even afford that, but the real

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state will keep taking her out.
But I can't qualifier for much, so

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she doesn't like what she can afford. Then it's make more, pay off

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your car, get another job.
I mean, there's other types of things

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you can do, right But I
think people are stuck and confused because they

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don't understand the money market in the
money world right now. Yeah, so

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look, so what are you telling
people to do here? You know,

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I'm telling them if you know,
I sat in an open house this weekend,

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and you know, people came by
and they were looking for rental property.

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But you know, to make a
cash flow, they're going to have

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to pay cash for it. The
rates for an investment property or in the

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sevens now and so if you can
cash flow the property, go ahead and

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buy it. And they're like,
well, I really this whole cash flow

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and then they look at me like
I'm the problem, and I'm like,

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well, they need got to put
more money down, but we don't have

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more money down. Well, then
maybe you want to sit on the sideline

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because the numbers are not going to
work for you, or yeah, if

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they don't work to buy it,
you've got to buy it much less expensive

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house to rent out. And they're
like, well, I don't want to

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be a slum lorder. Okay,
then maybe you shouldn't play in the market

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right now. It's like going into
a Jaguar dealership and saying, I really

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would like this payment to be two
hundred dollars a month and they're like,

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yeah, well it's eleven hundred.
You're like, yeah, that's not going

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to work for me. What do
they think? What do you think the

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jag dealership is gonna say, you
know, oh, okay, because it

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won't work for you, change it. Oh, they say, go buy

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a buug or something. Right,
They're not gonna change the way they do

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their business to reflect you. You
need to make more, put more down,

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do something different, or not do
anything at all. And I think

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a lot of people are just hate
to think carry they're just entitled. I

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want a home. I want to
be able to buy something and I can't.

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Well I don't know, be better
make more, put more down.

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The numbers are not going to work
out for everyone want right now, this

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is not a I mean, Biden's
trying to make it a god given talent

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right to get a house. So
it's a it's a right. And yeah,

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well if you wouldn't know it when
you hear people right, I know,

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you know, if you've gone through
a divorce, if you've had a

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bankruptcy, if you've gone through a
foreclosure, it's gonna be very tough to

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get a house. If you're self
employed and you haven't paid your taxes and

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you're using a traditional loan, it's
going to be hard to get a loan.

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You know, then take care of
your business. Not everybody gets to

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buy a house, and everybody's whining
about buying a house. So it just

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doesn't work like that. This is
not an entitled business. Okay, So

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so how should it work? What
are you supposed to do? And you

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like this, You've got to You've
got to put some money down. So

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you know what we're seeing is,
you know, I'm in Dallas and in

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the being main parts of Dallas.
You know, housing is very expensive and

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it's only going up. The cheaper
homes are on the outskirts of town,

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which the outskirts of town keep moving
right, just like in Florida, just

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like anywhere else. If you've got
to get out to the burbs, well

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I don't want to drive an hour
and a half, Okay, then don't.

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But you've got to find something to
live in, then you mind be

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a renter. I keep telling people
if they're unsure about this and they don't

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like that, you know, car, I've had a client out looking for

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a house for a year and a
half. Yeah, and it's not because

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there's a lack of houses. It's
because they're very unrealistic, and the longer

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they wait, the worse and guests. You know, they were looking at

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not so pretty houses a year and
a half ago when they could have bottom

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at four and a half percent,
but they were looking at a lower price

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range and that did not make their
standards. Okay. So then back then

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they were looking for a house in
the five nineties. Now they're looking for

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houses at eight hundred and that's the
price a house they want. But now

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with the interest rates, they've waited
so long they can't afford it and they're

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mad. Well, if you move
slow in today's market, you're not going

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to be happy. Yeah, it
will move fast, right, Yeah,

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So what do you? I asked, what do you do? What do

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you do? You decide faster?
You you give pre approved for a mortgage

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with someone like myself, We tell
you what you can afford. Then you

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go out and you find what that
brings. And if you do not like

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what it brings, you either up
your game and make better income, get

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a better job. And everybody in
their dog is hiring right now, So

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get a better job, make invest
in yourself, or you go back to

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being a rented Yeah. Those are
your only choices, all right. And

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so I think that's a really tough
pill for a lot of people to swallow.

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All right, Well, that's tough, right, I mean that really

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is. So you you need a
house, you want to move, you

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don't want to pay rent, and
what are you supposed to do? Right?

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I mean, you got to either
raise the bridge or lower the river.

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Right. So you know, I
tell a lot of people this little

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girl, you know, try to
get out a loan for me this weekend.

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And I don't like honey, you
just don't wake an up. And

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she goes, well, I make
enough to pay rent for that much.

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I go, yeah, but rent
is not being qualified through the government to

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get a loan, so bait.
As long as you can make your bills,

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they don't care. There's not a
formula like for loans. So they

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just don't understand the basic money principles. Yeah, that's really it, right,

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they don't understand money. Yeah,
they think if they can afford eighteen

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hundred dollars rank, they can afford
eighteen hundred dollars at a house payment.

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And no, it's not equal.
It's qualifications are totally different, all right.

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So so I'm gonna need these people
who this kind of attitude, is

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it everybody not? Oh my gosh, Carrie, I talk to people all

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day every day. They just don't
get it. And you know, they're

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investors. There's people that want to
start investing because they hear now's the time

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to buy, and they've taken some
course online that says they can get a

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house for no money down. I'm
like, no, not an investment property.

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They're like, well, my class
said, and I'm like, well,

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that's a bunch of crap. That's
not true unless you find it for

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sale by odor or fire sale or
foreclosure, or someone that will sell it

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to you and you run it back
to them. I Mean, there's all

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kinds of those one off stories,
but that's not the reality of the market

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today. That's so true. And
we know that the buyers aren't bullys firmly

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affixed to reality, right, true, and neither are sellers. There's a

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lot of people that thinks their houses
are worth, you know, ten percent,

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twenty percent more than they were last
year, and that's just not the

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case every the case Shiller report just
came out today. It's very difficult in

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00:10:50,919 --> 00:10:54,799
some cities to sell your house or
when you think it's worth, it's only

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worth when someone will give you for
it, all right, So that's what

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it's going to be my next question
for you. Then, our housing price

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is actually going down? Have they
stabilized? Obviously, this is a market

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to market situation. Is true in
Texas or Florida, not necessarily true in

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00:11:18,279 --> 00:11:22,600
Detroit, Michigan, or in California
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survival Network, the information you need
to throw now more than ever. Right,

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00:12:16,919 --> 00:12:20,519
So if you're moving it. If
you're moving from a city and you're

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trying to sell a house in a
city that no one's coming into, you're

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00:12:24,840 --> 00:12:28,480
going to have to wait longer to
sell your house for less. If you're

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in an area where everyone wants to
move Florida, Texas, Arizona, you're

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00:12:33,600 --> 00:12:37,320
going to stand a better chance of
having your value hold. Or if there's

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competition, like there are some houses
that go on the market here in Dallas

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carry and because they're pristine and they're
perfect, even though they're two million dollars,

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they're selling within a week because they're
moving already. They're beautiful. There's

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nothing they has to be done to
them. Then there's other houses that are

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eight hundred thousand dollars that have been
on the market six months because they need

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a lot of work and nobody can
qualify for the loan and have the cash

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00:13:01,360 --> 00:13:07,399
to fix it up. So it
takes that ride and buyer at any price,

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00:13:07,879 --> 00:13:11,000
they just have to be looking for
it. So in the good old

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days, you had owner financing and
they would basically loan you the deposit.

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But you can't do that anymore under
the current market to conditions here under the

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card regulations, because you've got a
show income and you've got to show where

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the down payment came from, and
they really annoy you about it. I

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00:13:30,080 --> 00:13:33,480
went through a while ago, that's
right, where did this come from?

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00:13:33,519 --> 00:13:35,399
And I said, well, it
came from here. I made it.

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00:13:37,080 --> 00:13:41,480
Oh, you made it? Like
you know? Are we talking the same

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00:13:41,559 --> 00:13:45,000
language here? So you can't get
owner financing? No, you can get

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00:13:45,120 --> 00:13:48,879
limited owner financing, right sir?
How much can owners can chip in?

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The closing cost they can and they
can give you. They can give you,

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00:13:54,519 --> 00:13:58,039
you know, five thousand, ten
thousand, a twenty thousand a closing

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00:13:58,080 --> 00:14:01,559
whatever you negotiate. I negotiated with
a guy last year. He got twenty

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00:14:01,559 --> 00:14:07,879
thousand towards closing costs and just to
buy my house. Instead of lowering the

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00:14:07,960 --> 00:14:11,600
price, they just gave him the
money because they wanted to keep the integrity

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00:14:11,799 --> 00:14:16,440
of the appraisals for that neighborhood and
the people wanted to get out. So

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a lot of people have made the
move to another residence when they could afford

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it, and now they're making two
house payments. And some of them are

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willing to make great deals. It
all comes down to carry their personal financial

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balance sheet, right, how much
money do I have coming in? How

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much do I have going out?
And you're more willing to cut those deals

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if you're under duress, yes,
of course. Hey. So one other

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thing that people do often is they'll
put in like a renovation credit or the

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kitchen that's payable on closing, right, right, And that'll go as long

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as you don't go to overboard with
this stuff to the point where you're putting

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nothing down. Hey, what,
let me ask you what to is now,

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as far as I'd see that loan
maximums have been increased in many markets.

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What in the down payment requirements?
Well, so FHA is always three

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and a half percent, But when
you raise the FHA loan limits, you

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increase what kind of house you can
buy for them of the market. So

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FHA was always going to be a
first time whole buyer's loan. So in

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Houston, I closed one last week. It did not fit the FHA requirements.

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They had to go conventional, which
means they had to put five percent

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down and it's you got to have
your job longer. And this girl just

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got out of grad school. It
was harder to get her qualified and her

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credit wasn't as good. But in
the Houston area that they were looking in

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was more expensive than the FHA limits, so it would have been easier to

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qualify for an FH loan. However, they could not because the house of

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praise for more than that low limit. So the low limits are there to

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put you into different categories. But
what a first time whole buyer can buy

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in Houston Maybe five hundred thousand and
one neighborhood and maybe two hundred and another

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neighborhood. So a lot of the
zip codes or the counties are different,

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and that's why it's different in different
states. It's easier to qualify for an

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FHA loan at three and a half
percent down because they take in consideration your

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job history, how long you've had
credit. They let you run your new

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borrow worse through that program easier Conventional
want you to have a two year work

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history. You know, a lot
of people when they get out of grad

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school or they get their first jobs, they can qualify for a house,

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but they can go conventional because their
job history isn't long enough. So that's

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where FH comes in. And so
FHA has been raising those loan limits to

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get more people in that program.
Right, I see you like and Florida

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here at the single family home,
they're up to a million dollars. Now,

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no, that's what I heard.
Let's well, you know, eight

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hundred may not cut it in your
neighborhood. Care you're in that up here,

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not mine neighborhood. Well, this
looks like a private scam site.

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Let's see loan limits, Lauria.
It was some search thing there. Yeah,

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let's see what it really is.
Yeah, let's see but I know

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they raised it and oh, well, for fifty three Florida counties, it's

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four hundred and twenty thousand for a
single family. But so at the House,

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that means that the House of Prizes
for appraises for four fifty they can't

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get that loan. It has to
be more twenty five. Then the loan

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balance has to be four twenty five. So if you're trying to borrow that

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much, that's fifty three counties.
I think there's eighty something here in Florida,

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and you know some of them go
up to a million, eighty nine

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thousand. You know, it just
depends on what neighborhood you're in. And

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you know they want to they have
to extend limits to every county because you

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know, the government wants to play
fair carry but it just maybe a million

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in one county at eight hundred or
six hundred and another. Yeah, here

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we'll see you. I'll tell you
exactly. I found the chart finally get

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you know, how to google,
and like in some counties it's or seventy.

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I'm in Palm Beach County, like
not on the island, it starts

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with five to fifty seven or a
one unit and goes up to and by

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fifty seven looks like it. No, that means if you're putting your money

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down and after you put your down
payment down, the loan that you're getting

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is higher than that, you cannot
go that tide of level you can't go.

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So it's just qualifications, you know, a lot of the qualifications or

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two years work history. Credit scores
got to be so much, so much

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down It's not always down payment.
Sometimes he just haven't been out in the

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world with credit history long enough.
That's why that FH loan is there.

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Yeah, now I'm got me curious
here. I gotta se Miami Dades by

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fifty seven also, but Okaloosa County, I don't even know where the hell

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that is is six Z three so
they must have like no houses there.

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Yeah. Yeah, It's it's crazy
how these things are regulated and done.

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And then you know a lot of
people, a lot of homeowners do it.

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Think right now, with you being
able to google all that in two

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minutes, people will google stuff before
they call me, but they like they

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have but they're totally clueless to get
clane. And I'm like, with all

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of the you could chat gpt it
and it would tell you how to get

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a mortgage, So you'll just tell
chat GPT to fill out your mortgage application,

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right, yeah, I sure wish. But you know, people don't

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know what the ramifications are for what
they do. So we've had people that

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have had two jobs and they're like, well, I was told that if

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I have two jobs, I can
count them both, not unless you have

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them both for two years, right, And then I have people say,

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well it's ten months, Okay,
ten months is not two years. That

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fails, you know. You know, so people are not exact on anything,

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and I have to be the exact
person. They don't like it because

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they're like, well but it's close
enough. Yeah, that's pop underwriter.

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It's not clear right right za if
I didn't know better, I think you're

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getting a little burned out here.
I am, you know that. But

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you know what, people, I
have a closing next month. Carry the

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people have waited and built a house. It's four million dollars. Now they've

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waited a year and a half for
this house to be done. And the

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rules have changed for bank statement loans
like a hundred times since we started.

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They went from ten percent down last
summer. So now they have to put

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twenty percent down on four million dollars. That's a lot of money. Yeah,

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that's so you're talking another four hundred
k. That's substantial. Well,

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when we talk in a year,
where do you think the market's going to

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be then, But oh heaven,
you're ball Oh my gosh, it gives

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me a headache just thinking about it. I think the race will come down

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a little. I think consumers will
get more accustomed to the rates being high

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like this and they won't still be
remembering the three percent days because that's not

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going to happen. And if you're
waiting on that, I think people are

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going to get more realistic because I
think the economy is going to be doing

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worse next year. Yeah, I
think there's a good chance of that based

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on all the layoffs are seeing,
especially in the tech sector, although in

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certain key markets like Texas and Florida, definitely real estate slowed down. We're

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definitely seeing rice cuts, you know, Like I'm a member of MLS here

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in Florida, in Peach County and
the Miami it's called IRA Miami Bartie,

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and you know, I get the
price cut notifications like constantly coming in and

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I think that's the end the looking
ahead. In the meantime, though,

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if you could take on any more
people who need your help and who will

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00:22:08,799 --> 00:22:12,440
hopefully do a little homework on their
own and not just dump on you.

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And what you're talking about is clients
dumping on you. They just don't understand.

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Yeah, how did they reach you? How did they connect with you

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00:22:21,200 --> 00:22:26,920
on the web? And get more
infoe So money Strategies with Debbie dot com

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00:22:27,039 --> 00:22:30,799
is a website that has a contact
page. They can get with me.

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00:22:30,240 --> 00:22:33,640
They can call me. My numbers
on there as well. You can go

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00:22:33,799 --> 00:22:38,480
to dlbeing Mortgage Services dot com and
find me. There's there's lots of ways

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00:22:38,519 --> 00:22:41,519
out there, and I've got a
phone number. I'm on TikTok, LinkedIn,

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00:22:42,720 --> 00:22:48,839
I'm on Instagram and Facebook is under
Debbie Bloyd. So just find me

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00:22:48,920 --> 00:22:52,200
and I will be happy to help
in any way I can and get you

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00:22:52,240 --> 00:22:53,559
on the right road. Teach your
parents how to buy a house, you

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00:22:53,640 --> 00:22:56,680
how to buy a house. How
I have to educate the whole family?

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All right, Well, we appreciate
that. If you've got a question for

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00:23:00,759 --> 00:23:06,519
deb you can always shoot us an
email and we will get you with an

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00:23:06,599 --> 00:23:11,160
answer. The link to her site
is in the show notes for this interview

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00:23:11,240 --> 00:23:15,920
on Financial Survival Network dot com.
Make sure you go to sign up for

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00:23:15,960 --> 00:23:18,839
your free newsletter, Just One One
out today, covering a lot of these

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00:23:18,839 --> 00:23:22,400
topics. Deb thanks for coming on. We'll talk to you again soon.

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00:23:22,640 --> 00:23:29,400
Thank you bye. Thanks for listening
to Carrie Lenz's Financial Survival Network, your

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00:23:29,519 --> 00:23:34,240
solution to today's trying times. For
the latest, go to Financial Survival Network

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00:23:34,279 --> 00:23:38,680
dot com. Financial Survival Network now
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