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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.
hmm 20%of 300k, well thats only 60k down, i think i have that burried in my backyard somewhere. "If they only put down 20%" thats crazy.
In my area the avg first time buyer doesn't purchase a 300K house as their first home. They usually buy a nice townhome or older home that might need some work at a price below 250K, and then move up to a nicer house later when they have equity built up and can afford a higher down payment. Do you not have starter homes available at or below 250K?
hmm 20%of 300k, well thats only 60k down, i think i have that burried in my backyard somewhere. "If they only put down 20%" thats crazy.
People don't blink when they buy a 30K car and finance it over 4-5 years. When its all said and done, they would have paid about 35-40K in charges over 5 years. People can save 60K if they are conservative with their money. It may take 5-7 years, but it can be done.
I managed to save 80K over 5 years when I was in my early 20s making 35-40K a month in addition to paying $400 a month on my student loans. I just lived dirt cheap renting with 2 other roommates, driving a 10 year old hand me down Toyota corolla while my roommates drover their BMW 5 series and Lexus GS cars.
We just live in a I want it now society without being financially responsible.
We just live in a I want it now society without being financially responsible.
I was watching a tv show called "My First Place" and a couple in Phoneix was looking for their 1st house. They wanted to spend TOPS $210k. Well they go look at a house and when they walk into the kitchen she complains that the laminate counters are not granite and she wanted granite. WTF?
Where did I miss the memo that Granite was a must in a first home? And these houses for $210k were VERY nice compared to what you get for the same dollar in say NJ. I hate people.
well i live in california where nothing is cheap.I make 50k a year and have to pay a hideous amount of rent. Youre right, i could go cheap, i could rent in the ghetto and save a lot of money, but then my daughter might have to join a gang.I dont qualify for housing assistance because i make too much, and besides im white. Im going to try to use HAD and ADDI programs to assist with my down payment , but i'll probably get denied since im not considered a minority, which i find ironic because the demographics show that latinos now make up over half the population.(and those are only the ones that they consider legal, the rest hide in the shadows when they do a census). Oh and btw, who in heck is buying cars in this economy? No one. Not even the selfish people that put their priorities out of order. Ive got money in the bank, but i want to save as much as I can just in case things get any worse out here.Now is the time to buy a house, but putting a lot of money down in this sick economy is sucidal.
we have starter homes in southern california for below 250k.The problem is, instead of getting a nice pie from your neighbor as a welcome to the neighborhood gift, you have to get jumped into there gang. They have to tag up your house with graffiti that doesnt even make sense, etc, etc.
People don't blink when they buy a 30K car and finance it over 4-5 years. When its all said and done, they would have paid about 35-40K in charges over 5 years. People can save 60K if they are conservative with their money. It may take 5-7 years, but it can be done.
I managed to save 80K over 5 years when I was in my early 20s making 35-40K a month in addition to paying $400 a month on my student loans. I just lived dirt cheap renting with 2 other roommates, driving a 10 year old hand me down Toyota corolla while my roommates drover their BMW 5 series and Lexus GS cars.
We just live in a I want it now society without being financially responsible.
Yep - I saved 90K in 2 years after selling my house in 2006 and renting cheaply for the last 2.5 years. My goal is to buy my home (~200K or so) with a VERY low mortgage (less than 50K) OR buy it in cash and still have around 50K in liquid savings reserve. I am about 6 months to 1 year away from that goal. While others making the same $$ as me are dealing with debt I'll be free and clear (or very near).
Oh and I don't have a car loan either.
Thing is it can be done. Problem is that people want everything now and do not want to delay buying their "perfect" house. We have an instant gratification society now. Personally I hate owing anyone. Buying your home with 5% down or something means you don't OWN the home. The bank does.
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