We'll never learn

Actually, 40-50K would be 20% down on a small condo where I am.

 

I giggled.

It would be about 6 percent down for a mid-range house here.

I'd take it, but I'm not a first-time home buyer. Alas.

 

Absolutely right. Homes are still way over priced across this country. Any attempt to artificially keep their values inflated will end in another disaster.

 

I hope you don't plan on making any money off your house in the future. Usually places with COL that low......home prices rarely go up enough to make any money. That was the case in the small Alabama town I lived in. Houses were dirt cheap, but it was a bad investment unless you planned on living there for 25 years.

And whoever said that 8K isn't enough to make a fuss over...you're right. If the govt was giving away 20K or something, maybe. But 8K isn't that much in the big picture.

And again, I'll take it in a heartbeat.

 

As someone living in a neighborhood with foreclosed properties, I hope first-time home buyers do take advantage of the program.

Empty homes don't do anything for my property value.

 

Seriously, right outside of Detroit in a decent middle class neighborhood you still have to spend $80-$90k down from the 150s from two years ago.

 

I wish I could find a nice house for 150. Even 250.

 

I am sooo tempted by this program. There are these brand new condos up the road that are around 80K, depending on whether they face the road or not. I can swing the payment and the condo fees. They're less than my rent. I've been so focused on paying down my credit card debt, however, that I have nothing saved for a down payment. The credit would be close to 10 percent down. I could probably get a loan then.

 

The problem is that people in this situation, who haven't saved for a downpayment - are dead ducks first time home repair hits, job downturn, etc.

 

I hear ya! Personally, I hope only gay couples start moving into my neighborhood.

 

Just put that stuff on your credit card!

 

Whatever. Given that my mortguage payment will be less than my apartment rent, I'll be able to save that money toward possible repairs. Not to mention that I pay an extra $500 a month on my credit card, so I can divert that to any repairs, but hey, lets just rag on people trying to improve their situation. It's fun! It gives purpose to our lives!