Check this out:
http://money.cnn.com/2007/03/14/magazines/fortune…
This couple saved 5K to buy a 300K house... Maybe they should have just prepaid their 'rent' for a year or two and rethink if they can afford a 250K house, as well as a 'piggy back' 60K loan (you know, for all the plasma screens, leather couches, and T-Fal appliances every couple must have). In addition, they have student loans, credit card debt, and obviously don't make shit $.
O yeah, the chick managed to get pregnant after they bought their home and that made it even worse. Give me a break.
Very amusing.
poors are poor for a reason
Yeah, no shit. 300k home with a 5k downpayment. Are you shitting me? My family came to the states 7 years ago. Both of my parents had very stable jobs with good middle-class salaries. We bought a 180k home with a downpayment of 30k. They had perfect credit and got good terms.This is how you buy a house, not like them - crappy credit and a house way above their means. "dilligently saved $5000 to buy a house" Cry me a fucking river. With a 5k downpayment, you shoot for 150k home at most, not a 300k one
5000 is more like something you down for a 30k car.
Agreed, Salam. I bought a $112k house when I was nineteen and trying to avoid college. Minimum downpayment they'd take was $9500. Even then, with such a low equity to loan value ratio, I had to pay mortgage insurance of an additional $150 a month. Not pleasant. I have no idea why anyone would try to buy a $300k house with $5k down.
The good news is that congress is getting involved. Thank god ... markets can always use the help of politicians. Those guys always come up with the right answers ...
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