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San Bernardino and Riverside Counties The Inland Empire
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Old 09-15-2008, 03:37 PM
 
3 posts, read 8,009 times
Reputation: 10

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Now that I am back from Afghan after a year and saw how the house prices had fallen off the earth.. I think I can actually buy a house. I am hoping in the Moreno Valley area over by Moreno Beach st. and new homes there. What is the deal with the low prices. I went out with a Realtor and showed a lot of broken down homes, holes in the wall and stolen appliances. not my kind of hood to live in, but then the nice ones were all foreclosed or repo'd. Sorry for the families, but the Realtor was saying the best deal is a bank repo or a REO. I am only looking for a $200K or less 3bd/3bth home. The realtor threw me for a loop.
2 years ago I tried and it was crazy loans and high intrest and all kinds of balloons and other fine print in chinese. Now we all see the after effect of the BS when everybody is getting foreclosed on now. SO, now he tells me I can't go zero down 100% financing anymore after Sept 30. Now the banks or who ever wants 3.5% down cash when I purchase a home and it will be a basic law. What the hell. Who has this down payment laying around in a sock drawer, plus inspections, closing and what not. Will I ever own a house or am I doomed for life. I have zero debt other than a car and my credit is like the 700 area. Why can't I get a house or at least pre-approved for a home loan? Please help me understand this new set of rules on a 6th greade level. Maybe go back to war and come back in another year and see how the Govt jacked us up next year.
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Old 09-17-2008, 11:14 AM
 
12,997 posts, read 13,616,018 times
Reputation: 11187
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Originally Posted by Sykes_33 View Post
Will I ever own a house or am I doomed for life.
Not to be harsh, but that really depends on you. So long as you keep thinking that saving for a few years for a downpayment is pie-in-sky pipe-dreams, I'm leaning toward doomed for life. You need 3.5 percent for a downpayment? (That's really low .. a few years ago, you needed 20 percent.) You want to spend $200,000? So you need to save $8,000 -- and let's say another $3,000 for closing costs and what not. Sock away $500 a month for two years.
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