My house is my house

[Ducimus]

Wish I could own a house. I've been renting apartments since I got out of the military. All those years paying anywhere between 800 and 1200 dollars a month. All that money could have been equity. But I can't even get my foot into the door of a house because of the astronomical value, combined with my medium month income.

A house...... tis a pipe dream. If owning a home is the american dream, it is a dream that remains unrealized, and untenable.

Originally Posted by Ducimus

Wish I could own a house. I've been renting apartments since I got out of the military. All those years paying anywhere between 800 and 1200 dollars a month. All that money could have been equity. But I can't even get my foot into the door of a house because of the astronomical value, combined with my medium month income.

A house...... tis a pipe dream. If owning a home is the american dream, it is a dream that remains unrealized, and untenable.

my mortgage is less than your rent. It may require some sacrifice to own a home. But it is your choice. It shouldn't be my payment.

[Ducimus]

Originally Posted by The Third Man

my mortgage is less than your rent..

If i had a dime every time I've heard that.

But you know, putting myself 300,000 to 700,000 dollars in the hole for a home in california? Suuuurre. 300K is like.. in a Getto, or a Barrio. (edit: Hell, youd be lucky to get a condo for that much. I even looked at those. 400K! ) A home in a decent neighborhood runs half a million or more. At least, last i looked. If i buy a home now, it will be when i move from california. There's a reason why this place is nicknamed, "cantaffordya".

Originally Posted by Ducimus

If i had a dime every time I've heard that.

But you know, putting myself 300,000 to 700,000 dollars in the hole for a home in california? Suuuurre. 300K is like.. in a Getto, or a Barrio. A home in a decent neighborhood runs half a million or more. At least, last i looked. If i buy a home now, it will be when i move from california. There's a reason why this place is nicknamed, "cantaffordya".

You are not restricted by where you live. That is the beauty of the US. get out of California. Cali is dieing and taking you along.

Las Vegas have lower rent and home rates. You can buy property at @$1 in Detroit. its a home don't limit yourself.

[AVGWarhawk]

Originally Posted by Ducimus

Wish I could own a house. I've been renting apartments since I got out of the military. All those years paying anywhere between 800 and 1200 dollars a month. All that money could have been equity. But I can't even get my foot into the door of a house because of the astronomical value, combined with my medium month income.

A house...... tis a pipe dream. If owning a home is the american dream, it is a dream that remains unrealized, and untenable.

Look into FHA and what the military can do for you concerning purchasing a home. It is obtainable if you look at the right programs that will work for you. FHA for sure. The military might be of help also. FHA you need only 3% down in most cases. $150,000.00 home you need $4500 down plus closing costs. As bad as it is now those cost can get paid by the home owner or the builder if it is new construction. Also, I think the Fed is going to start the $8000.00 towards a home again. This program worked. I know 2 people who got their homes using this program.

You need a down payment now?

[AVGWarhawk]

Originally Posted by The Third Man

You need a down payment now?

Not always...sometimes you can roll it all into the loan!

Originally Posted by AVGWarhawk

Not always...sometimes you can roll it all into the loan!

I put down 20%. But that was I had it and didn't want to pay another middleman.

I think Ducimus just hasn't realised the possibilities.

[AVGWarhawk]

The housing market is in such shambles today I would think banks would do just about anything to get a home off their roles.

[SteamWake]

Originally Posted by The Third Man

You need a down payment now?

LOL funny boy...

Getting a mortgage right now is rough... really rough. Simply put the banks arent lending because the rates are so low and the margins suck.

Now getting a second mortgage...

By the way I saw you listed 300K as the 'low' end of home prices in Ca. That is about twice what the 'low' end of homes in Florida. My current house we paid 150,000.00 for. Yea it needs a little work but its a nice house in a decent neighborhood.

[AVGWarhawk]

Getting a mortgage right now is rough... really rough. Simply put the banks arent lending because the rates are so low and the margins suck.

It is more so that the banks want to lend however the insurers of the loan want the banks to keep the amount loaned on hand in case the loan is defaulted on by a high risk customer. By doing this the bank can not make money. Hence loans are very hard to obtain if you are considered a high risk. It is more important then ever to keep your credit clean.

[SteamWake]

Its not just high risk patrons. Small buisnesses and pepole with good credit have alot more hoops to jump through to secure loans now.

By the way did you see that 50% of the pepole whom recieved federal aid to help with their high risk mortagages have defaulted?

http://www.washingtonpost.com/wp-dyn...082005643.html

Shocking I know.

Well it was a good election year stunt if nothing else. But it sure isnt going to help matters.

[mookiemookie]

Read it today and couldn't agree more:

The U.S. housing sector is clearly double-dipping — that dive to 3.83 million units in July undercut the “depression” low of January 2009 by 15%! The lesson for the government is that their ‘tax goodies’ do nothing more than distort the market rather than actually help out.

[AVGWarhawk]

Originally Posted by SteamWake

Its not just high risk patrons. Small buisnesses and pepole with good credit have alot more hoops to jump through to secure loans now.

By the way did you see that 50% of the pepole whom recieved federal aid to help with their high risk mortagages have defaulted?

http://www.washingtonpost.com/wp-dyn...082005643.html

Shocking I know.

Well it was a good election year stunt if nothing else. But it sure isnt going to help matters.

Not shocked at all. It was good money being thrown after bad money. It was a cash grab and handled poorly.