We'll never learn

How long would you plan on living there? Honestly, it wouldn't take long to pay off an 80K condo.

We rent a condo now, and I love the place. The only problem with owning one is that it's more difficult to make home improvements to increase the value of the place.

For 80K, though? I'd do it.

 

See, I don't know how long I'll be here. Otherwise, I'd probably have already met with a Realtor to start the process. I'm going to nursing school this fall (I can keep my job that way, and not rack up anymore debt), but I don't know that I'm staying after I finish in 2-3 years.

Like I said, it's highly tempting though.

I'll never own a house though. I don't do yard work!

 

I just hope this program is still around when I get around to homebuying in a couple of years.

Fortunately, my preferred areas of living are very low-cost. $45,000 will get you a decent starter home.

 

That seems so......unreal.

And how the hell can anyone NOT afford a 45K home? Your mortgage would be like $150/month, and that's probably high.

Someone working minimum wage at the local gas station could afford that.

(Not talking about you personally, Rick. I have no idea what you do, etc.....just in general)

Edit: I got curious...a 45K loan (100 percent financing) at 6 percent for 30 years is $259 a month. That's exactly what I pay for my car each month. Insane.

 

It's not the mortgage payment. I salivate every time I think about replacing my rent check with that.

It's the down payment and the credit history. I'm getting there, but it's going to take another year or two.

 

Go to the bank. Ask for 45K. You'll get hosed on interest, but take that check to the lender or whoever gets it and buy the fucking house.

Dude, you must have a shit load of debt. Reminds me of my college days....everything, including nightly cases of beer and Domino's....on my credit card. Damn. Those were the good ol' days.

 

I could be wrong, but I don't think that post was meant as spiteful. There's a difference between having money saved up already for repairs and the like and saving money every month to build up the emergency fund.

Home-buying isn't for everyone, and it's not always a good financial decision. I'd hope that the $8k would help people who were already at least toying with the thought of purchasing, not to encourage someone to overextend themselves just because "free money" is available. (Not implying this is you.)

 

So disingenuous. God forbid someone talk to you honestly. Take a look a the United States history books of say, 2002-2007. Have you looked around and seen the foreclosures in this country? Our country is littered with properties that were formerly "owned" by people who did not have wherewithal to own a house. Each of these people were told they can be homeowners by people blowing smoke up their ass.

 

That's a distortion of what happened.

The problem of people who couldn't afford houses owning houses was dwarfed by the problem of people who could afford to own houses trying to afford much bigger houses.

 

Its not a distortion at all - home "ownership" (and I use that term loosely, since these were home debtors, not owners) went from 64% in 1994 (about where it had been since 1980) to an all-time high of 69.2% later in the decade.

 

And that 5% jump caused inflation-adjusted median house prices to almost double?

 

That is not a "5%" percent jump. That's an 8.125% jump. Five percentage points, from 64% to 69.2% isn't a "5%" jump. Or even a 5.2% jump.

There were a lot of factors on why the country is in this mess. People who couldn't afford homes becoming homedebtors is at the top of the list.