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This is what is wrong. If you NEED $7500 to close on a house or NEED $7500 for help with a Down Payment, you are NOT in position to really be buying a house. 3% DP is just setting up people to fail. Or at least be willing to walk away when values dip that much over the next 3 months and when times get tight they just walk away and end up screwing the bank over.
Are there exceptions to this? Sure. But clearly not enough to justify it based on what is going on out there!
After this mess, I can't imagine lenders not being careful. Of course, I wouldn't bet two cents on any expectation of reason. On the flip side, the 7,500/15k could really help with crator in savings left from a down-payment.
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Whatever happened to saving enough money to get 10-20% saved before buying a house? Sure prices have made that tough but if people stuck to this concept the bubble would have never happened to such degree if at all.
If prices keep going down and remain reasonable than the goal of 20% will be easier. But, for a young couple, 50-100k down is tough. For the average couple at least. I'm always seeing young kids on hgtv picking between this and that masion. I always wonder what the heck they're doing for a living!
Yes they have set income limits. If I recall correctly it was the same 120K individual, 250K couple income limit as for tax increases! Yes I am an Obama supporter for other issues but I do not understand why we are penalized for working hard and having a higher income. We are pretty much phased out of most of the incentives due to our incomes.
What they need to do is give folks some tax relief that are having to sell their homes at a loss, due to relocation/ job change. Not just because of irresponsiblity... I never understood why RE can't be considered gambling and you can claim those losses!
This whole situation is whacked out. Trying to get a lot of consumers to spend more, when most of 'ems credit is shot out anyway. Vicious circle.
What they need to do is give folks some tax relief that are having to sell their homes at a loss, due to relocation/ job change. Not just because of irresponsiblity... I never understood why RE can't be considered gambling and you can claim those losses!
This whole situation is whacked out. Trying to get a lot of consumers to spend more, when most of 'ems credit is shot out anyway. Vicious circle.
The $15,000 is only available to those that are 'very credit-worthy!!
What they need to do is give folks some tax relief that are having to sell their homes at a loss, due to relocation/ job change. .
this is the problem w/some peoples mentality....no one is FORCING you to move! DON"T TAKE the relocation/job change! If you were foolish to buy a home only a couple years ago and didn't factor in you might move, then it was your foolishness for not looking ahead financially. You shouldn't have bought your home.
Why should I subsidize YOU because of your mistake?
A home is not something that should be "day traded" like some people do w/stocks.
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Originally Posted by crazyma
Not just because of irresponsiblity... I never understood why RE can't be considered gambling and you can claim those losses!
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Buying a home is considered gambling when you buy more home than you can afford and don't have a good amount of savings in case a personal tragedy happens. People seem to have forgotten that over the past 10-20 years and subsequently have used their homes like ATM's.
No one wants to take personal responsibility anymore. their attitude is "if I make a mistake, you have to bail me out"
Last edited by CouponJack; 02-05-2009 at 07:02 PM..
Yes they have set income limits. If I recall correctly it was the same 120K individual, 250K couple income limit as for tax increases! Yes I am an Obama supporter for other issues but I do not understand why we are penalized for working hard and having a higher income. We are pretty much phased out of most of the incentives due to our incomes.
Isn't that the basis of a democratic party? Take from the rich, give to the poor.
Coupon Jack said- "this is the problem w/some peoples mentality....no one is FORCING you to move! DON"T TAKE the relocation/job change! If you were foolish to buy a home only a couple years ago and didn't factor in you might move, then it was your foolishness for not looking ahead financially. You shouldn't have bought your home."
that makes no sense-- You do realize that if people need a job then they go where it is... DUH. And if your company is relocating you,
WHAT, you are supposed to say oh sorry not gonna go, I'll just stay here without a job and lose my house?????
the way YOU make it sound is NO ONE should ever buy!!
Anyway- NO ONE knows what tomorrow holds. I was merely saying it would be nice to write off some loss...that did not occur based on irresponsible, foolish decisions or buying more than afforded.
Oh , and nope MY home isn't an ATM TYVM. We are actually doing well, thank the good Lord.
But it does suck losing money when a home is sold, and sometimes it is no one's fault...as they say sh*t happens , huh.
Don't take anything for granted, never say it can't happen to me.
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and you can claim those losses!
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