PRICELESS!!!!!!!

"This is sheer genius."

In a bid to stem taxpayer losses for bad loans guaranteed by federal housing
agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn.) proposed that
borrowers be required to make a 5% down payment in order to qualify.

His proposal was rejected 57-42 on a party-line vote because, as Senator
Chris Dodd (D-Conn) explained, "Passage of such a requirement would restrict
home ownership to only those who can afford it."

I can't add anything to this.

would take some thinkig to understand what was ment by his statememt .

afford the down payment , not the mortgage .

why pay rent at $850 and up when a mortgage payment could be $750

Ive been looking at houses for a while now a place to rent or buy, and it seems that once i got past the Down payment its be cheaper by 100-200 a month

Old blue Racin Team wrote:Ive been looking at houses for a while now a place to rent or buy, and it seems that once i got past the Down payment its be cheaper by 100-200 a month

I got one better for you, my rent is $450/month, the landlord will sell me the house for $19,000 my monthly payment would be $225/month for a ten year motgage but banks don't want to do anything less than $30,000 loan. WTF!!!

yup its pretty stupid, but would they give you a personal loan for the 19000? i know it wouldnt be a 10 year loan but at around 6 it be closer to what your paying now

bigblok2000ranger wrote:

Old blue Racin Team wrote:Ive been looking at houses for a while now a place to rent or buy, and it seems that once i got past the Down payment its be cheaper by 100-200 a month

I got one better for you, my rent is $450/month, the landlord will sell me the house for $19,000 my monthly payment would be $225/month for a ten year motgage but banks don't want to do anything less than $30,000 loan. WTF!!!

Eric, check your local Credit Union... way better rates, & waaaayyyy easier to deal with.

69bluehotrod wrote:

bigblok2000ranger wrote:

Old blue Racin Team wrote:Ive been looking at houses for a while now a place to rent or buy, and it seems that once i got past the Down payment its be cheaper by 100-200 a month

I got one better for you, my rent is $450/month, the landlord will sell me the house for $19,000 my monthly payment would be $225/month for a ten year motgage but banks don't want to do anything less than $30,000 loan. WTF!!!

Eric, check your local Credit Union... way better rates, & waaaayyyy easier to deal with.

X2 get a personal loan for that amount, it will be just like a car payment and only go 60 months...... Better than paying closing cost and all the bs associated with a mortgage.

Guys don't forget to tally property taxes, insurance, water and sewer, yard maintenance costs, utilities, etc. home owning is a lot more expensive than the mortgage payment. IMO if you can't afford double the mortgage payment it's out of your league. Just be realistic about your financial situation.

I agree if you can buy a house with a personal loan, that is 100% better than a mortgage. Look at all the equity you gain in a short time, especially since the markets are eventually going to get stronger. Takes a lot of mortgage payments to gain any equity in a house.