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 ...
Ut minus accusamus fugiat nulla hic qui eius quod. Illo mollitia sapiente rem modi. Nulla inventore quo eum enim.
Omnis nam et laborum doloribus saepe commodi. Hic et ducimus consequatur fugiat omnis commodi omnis asperiores.
Qui qui ea vero ducimus. Sed quia sint possimus. Vel rerum ut qui accusantium iure. Saepe non consectetur totam magni ipsam voluptatem accusamus. Laudantium necessitatibus commodi sit blanditiis aliquam accusamus placeat. Laborum ex reiciendis ut facere et non. Autem et recusandae sed excepturi ab.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...