Quote:
Originally Posted by MikeinIE
Im a first time buyer and i am glad the bill did not pass due to the 5%down stipulation.There is no such thing as a 5%down loan, its either FHA 3.5% or 10%+.Most first time buyers can not afford to nor want to put down 10% in this sick economy.This bill was solely aimed at investors and not the young couple looking to buy thier first home to raise a family in.Is it just me or does Big Govt. like to bend the middle class over time after time, im sore.I live in California and have to wait on my state refund which is BS, after all I pay for all the social programs to help all the illegal imigrants with anchor babies.Which btw makes up a majority of our deficit here in cali, i deserve at least some of my money back lol.
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I think people better get used to 10 or better yet 20% down again - anything else is what got us into the mess in the first place. If you are not hanging around for 5 years (you may need to move) then maybe you should rent. If you cannot afford 20% - rent till you can. Home ownership is not a right. I'm not seeing what is so bad about going back to the way things were 20-30 years ago.