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As a potential borrower, I have no reason to put down more than I have to. That's thousands of dollars I could keep invested in bonds or equities, generating a return.
It has nothing to do with what I can afford.
Then don't put more down, just ask others to subsidize your choices. Me? I make sure I have enough down so that I am never upside down on the house.
Well it's called get a second job.
It's all about choices. Where I work there are people who complain that they can't save up for a down payment on a house. Live in the same area I do. Make the same money I do and many others, but can't save a dime to save their lives. Choices.
Obama bragged about all the jobs he created. He bragged that Americans are better off today than 8 years ago.
Some simple choices.
Cellphone. Go with the cheapest model from straight talk.
A few less nights eating out.
Do you really need the premium channel package?
Choose a less expensive house. (1 you can actually afford)
Do you really need a new car every 3 or 4 years? Mine last me 10 years or more.
What wide screen TV do you need v.s want?
Vacation every year? You can't save for a house but need a vacation every year?
I don't mean you specifically I mean in general. These are just examples of choices people can make but often choose not to. Vorizon for $120 a month or straight talk for $45?
$290 TV or $1200 TV?
$70 a month for Sat TV or 140 for the premium packages?
Never ending car payments or stick with the car you have?
I never finance a vacation, I never buy a car unless I have at least 25% to put down before the trade in. Worth having worth sacrificing for and saving for.
No one is entitled to own a house. If you can't save money to buy one how will you afford to own one? Believe it not things happen. Roof, Hot water heater, plumbing, etc.
Yep, I have been there, had to make choices, cut spending, pick up extra work, change focus, go without luxuries, learn new skills, move to a new area, etc...
Wait for it though, they will come back with a fallacy and claim that there are people who aren't smart enough, can't do this, are disabled, have some dreadful disease, <insert some long list of excuses or rare exceptions> in order to cling to their position that they deserve having government hand outs.
Well it's called get a second job.
It's all about choices. Where I work there are people who complain that they can't save up for a down payment on a house. Live in the same area I do. Make the same money I do and many others, but can't save a dime to save their lives. Choices.
Obama bragged about all the jobs he created. He bragged that Americans are better off today than 8 years ago.
Some simple choices.
Cellphone. Go with the cheapest model from straight talk.
A few less nights eating out.
Do you really need the premium channel package?
Choose a less expensive house. (1 you can actually afford)
Do you really need a new car every 3 or 4 years? Mine last me 10 years or more.
What wide screen TV do you need v.s want?
Vacation every year? You can't save for a house but need a vacation every year?
I don't mean you specifically I mean in general. These are just examples of choices people can make but often choose not to. Vorizon for $120 a month or straight talk for $45?
$290 TV or $1200 TV?
$70 a month for Sat TV or 140 for the premium packages?
Never ending car payments or stick with the car you have?
I never finance a vacation, I never buy a car unless I have at least 25% to put down before the trade in. Worth having worth sacrificing for and saving for.
No one is entitled to own a house. If you can't save money to buy one how will you afford to own one? Believe it not things happen. Roof, Hot water heater, plumbing, etc.
Great. But why quote MY post?
Yes, I made a bad choice in marriage. Alcoholic. Didn't know about that stuff till it was too late because my parents didn't drink. I own that. I had to get a divorce and the child-raising was all on me.
But I supported myself and my child without assistance from anyone else, including her father. Put her through college, still paying some of that off. Never went on welfare. I had no need to. And yet...you holier-than-thou types still rag on me and sling poo? Glad you're all so perfect and never hit any bumps in the road in life. Truly, you'll get your reward, as the man said.
I am not a fan of 11th hour EOs no matter who issues the order.
The reason Trump took swift action was the immanent effective date. No reason the Trump Admin should not evaluate the reasonable adequacy of the FHA Reserve Fund before taking further action.
Of course.
This is a "reasonable" way to look at it.
I do however have a difficult time, after looking at the track record, and what actions 0bama took in his last few weeks, thinking 0bama did anything with reasoned judgement.
Beyond reasoning thru what damage it could do to the nation, and the incoming POTUS.
There will be one, this is going to happen regardless.
Look how long we have been at historically low interest rates. This can't be sustained and such irresponsible action has caused housing to boom to record levels.
A crash is coming, interest rates must come up, hosing prices will plummet when this happens and those who are smart will do quite well, but those who are stupid and buying on credit above their means... well... they will lose out.
I know some who are in the middle of some big purchases and expansions which will bloat the home value. They were warned that this was risky, a bad investment, that just because they can afford the minimum payments doesn't mean it is a good deal. They thumbed their nose, they are about to learn a hard lesson.
Housing is regional, often down to zip code, neighborhood within and then street.
In the condo market, especially in urban areas, it comes down to the building, floor and exposure/ view.
Some areas of the US have historically experienced regional bubbles and busts, since forever.
The housing markets in some ares of the US have recovered and then some. A homeowner in the middle of Wisconsin hears about what's happening in say Seattle, or San Francisco, or Manhattan or...... and assumes it has relevance to his local market and home value. In reality his value remains stuck at 2003 levels.
The US people have historically been sub par savers compared with the most of the developed world. The US people consume more and enjoy a higher standard of living than most in the rest of the developed world. This does not however mean all people, all the time.
As a potential borrower, I have no reason to put down more than I have to. That's thousands of dollars I could keep invested in bonds or equities, generating a return.
It has nothing to do with what I can afford.
I highly doubt that return equals what you would be paying in PMI for however long it takes to satisfy the mortgage enough to get rid of it.
OK, yes, I could have moved to a lower-quality town with lower rents and a poorer school system, where I had no family and put my daughter in daycare instead of her going to her grandparents after school, and I would have been able to save more money. I had a good job, and while I occasionally looked for others, I chose to remain in the one with the good healthcare, the good salary, and the defined pension plan. So yes, of course it was a choice to raise my daughter with a better quality of life and more opportunity, forsaking the chance to buy a house. I never said otherwise. I have no regrets as to my choice.
Your life is made of numerous choices, all your decisions, and all the consequences that come from them. don't get me a hard case story, I have lived them and you have NO idea what sacrifice means. My mother raised TWO children on her own, WITHOUT government handouts working multiple jobs, on little sleep, little food, and she was able to eventually earn her success. So please, save your boo hoo, poor me story. You have no clue.
Quote:
Originally Posted by Mightyqueen801
Exactly what did the "government provide" except the opportunity to buy a place of my own with a lower down payment? I have never been on unemployment, never needed any sort of governmental assistance with anything. I supported myself and I paid my daughter's way through college, worked without a break for 37 years and retired, and now i work part-time.
They did not provide an opportunity, they provided a handout. An opportunity has no direct benefit as it is merely a means to which someone must apply themselves to achieve the success. A handout says "here, you don't have to do like everyone else, you get special treatment!".
This is the problem with people. They don't realize that it takes money to give you these "opportunities" as they are subsidized (ie someone picks up the tab so you don't) and this means tax payers pick up the bill. so yes, by using such services, you got a hand out. You got this at the expense of other home buyers who earned their own downs and picked up proper loans.
Here is the sad thing. So you could have your "home", many had to endue massive house increases and interest rates that destroyed responsible saving so you know... you could have your dream without actually having to deal with the consequences of your choices.
Quote:
Originally Posted by Mightyqueen801
Oh wait, I am wrong. I got tuition assistance to go to a year of secretarial school when I was 19 because my father was a 100% disabled veteran and some money toward his children's education was a benefit he received for sacrificing his legs so that people like you could someday go online and say whatever nasty thing you wanted to spew for the pure enjoyment you oddly crave of being able to be anonymously nasty on the Internet. I did take that benefit. You don't like that disabled veteran's greedy children get that benefit, take it up with the VA.
Yes yes, lots of excuses why you deserved an entitlement while there are millions out there who ask for nothing, make no excuses for handouts because of the choices they made.
There will be one, this is going to happen regardless.
Look how long we have been at historically low interest rates. This can't be sustained and such irresponsible action has caused housing to boom to record levels.
A crash is coming, interest rates must come up, hosing prices will plummet when this happens and those who are smart will do quite well, but those who are stupid and buying on credit above their means... well... they will lose out.
I know some who are in the middle of some big purchases and expansions which will bloat the home value. They were warned that this was risky, a bad investment, that just because they can afford the minimum payments doesn't mean it is a good deal. They thumbed their nose, they are about to learn a hard lesson.
Talk to any real estate agent worth their title and they will tell you the same thing. Even in ultra liberal CA they will tell you that this is going to happen, and if you want to buy, you should wait for it to happen.
Of course, when it does, the left will blame Trump for it because they are intellectually dishonest...or just stupid.
Your life is made of numerous choices, all your decisions, and all the consequences that come from them. don't get me a hard case story, I have lived them and you have NO idea what sacrifice means. My mother raised TWO children on her own, WITHOUT government handouts working multiple jobs, on little sleep, little food, and she was able to eventually earn her success. So please, save your boo hoo, poor me story. You have no clue.
They did not provide an opportunity, they provided a handout. An opportunity has no direct benefit as it is merely a means to which someone must apply themselves to achieve the success. A handout says "here, you don't have to do like everyone else, you get special treatment!".
This is the problem with people. They don't realize that it takes money to give you these "opportunities" as they are subsidized (ie someone picks up the tab so you don't) and this means tax payers pick up the bill. so yes, by using such services, you got a hand out. You got this at the expense of other home buyers who earned their own downs and picked up proper loans.
Here is the sad thing. So you could have your "home", many had to endue massive house increases and interest rates that destroyed responsible saving so you know... you could have your dream without actually having to deal with the consequences of your choices.
Yes yes, lots of excuses why you deserved an entitlement while there are millions out there who ask for nothing, make no excuses for handouts because of the choices they made.
If you read some sort of boo-hoo, poor me story in there, you're using drugs. Its the only explanation. That's not me. AT ALL. LOL. Explanations are not "excuses".
Just another keyboard warrior who gets his rocks off being a nasty human being. What makes you people like this???
Never mind--don't answer! Don't really need to know.
If you hate the FHA program so much that it makes you froth at the mouth like this, take it up with your Congressperson.
Housing is regional, often down to zip code, neighborhood within and then street.
In the condo market, especially in urban areas, it comes down to the building, floor and exposure/ view.
Some areas of the US have historically experienced regional bubbles and busts, since forever.
The housing markets in some ares of the US have recovered and then some. A homeowner in the middle of Wisconsin hears about what's happening in say Seattle, or San Francisco, or Manhattan or...... and assumes it has relevance to his local market and home value. In reality his value remains stuck at 2003 levels.
The US people have historically been sub par savers compared with the most of the developed world. The US people consume more and enjoy a higher standard of living than most in the rest of the developed world. This does not however mean all people, all the time.
The housing market is a bubble. Sorry, but I know the costs of product from bottom to top building and the fact is, it is a massive bubble due to high interest rates. While this problem is more pronounced depending on area and location, it has spread country wide over all in its effect.
The fact is that forced low interest rates have fixed the market and encouraged the bubble combined with government backing of loans to encourage people who should not be buying houses to buy houses. Our entire market is suffering (everything, not just homes) based on the belief that a debt based system is beneficial. It will come to roost and it will have dire consequences to those who live under such belief.
Though... this depends on if the government stays out of it. If they step in and give more handouts like Bush/Obama did, then... well.. they are again fixing the markets and this is the most harmful to the middle class who is responsible.
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I could have moved to a lower-quality town with lower rents and a poorer school system, where I had no family and put my daughter in daycare instead of her going to her grandparents after school, and I would have been able to save more money. I had a good job, and while I occasionally looked for others, I chose to remain in the one with the good healthcare, the good salary, and the defined pension plan. So yes, of course it was a choice to raise my daughter with a better quality of life and more opportunity, forsaking the chance to buy a house. I never said otherwise. I have no regrets as to my choice.
