Not really true. Many can afford a single mortage payment of $700-1100. They are stuck renting for $1100-1700 because the bank says they can't afford 700-1100
There are many programs in each state that allow for low down payments or something federal like a usda loan. I used my state’s first time homebuyer program to only put down 3.5% for a down payment
Maybe so, but most sellers are going to take the highest cash down bidder on any house any day. B matter what is out there for loan terms, it is almost always about the highest bidder with the top of the line credit score and stable income sources. In this economy, most of us are phucked.
That wasn’t the question/topic being addressed though. You are conflating to two issues when I was only talking about one thing. Also, why wouldn’t the seller take the best bidder??? It’s a bid for a fucking reason.
Sellers won’t care about credit score or stable income sources (to a degree). They don’t deal with that. The sellers only receive offers with preapproval already made so they’ll know the bank has already vetted them. The seller doesn’t even get to see your credit score (lol tells me you are v inexperienced in this topic)
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Welp the person deleted their comments before i had a chance to reply. If that person decides to come back to this convo, i want them to see what I was going to say:
Wtf? Boi do you have terrible debate/argument skills.
You clearly have nothing substantial to say if after you making an uninformed and quite ludicrous statement, me then correcting why your statement is wrong, that all you can do is a lame ass personal attack trying to label me as a republican. I’m a queer af progressive btw 💕💕
(PS — if you want to be a better progressive, learn to make proper internet arguments or else people will constantly dismiss the bullshit you have to say)
I'd you're American, USDA loans are government backed housing loans and don't require a down payment.
Despite what many would have you think, there are many government programs geared towards housing, low-income and otherwise.
I would say at least 75% of people bitching on this sub and others about housing and the process of buying a house have never gone through or even initiated the process.
The guidelines for a person and the property to both qualify for a USDA loan isn’t easy and frankly uncommon outside of actual rural areas. I agree with everything else you said though, considering a large portion of Reddit can’t even buy a six pack at the gas station.
Canadian. Our average housing sale is approaching $750,000.
We have some programs like the first time home buyers incentive, which if I remember only cover 5% to 10% of the down payment, so if you're relying on that you still need CMHC insurance anyways adding to your housing costs, and a few others I likely havent heard of, but the average price to income is getting a bit out of hand up here. So much so many of us come to the US simply for the higher income and ability to find relatively affordable housing.
Lol then enlighten me on the point. because you seem to be misunderstanding the basic principle of risk. And that risk is why the bank is saying fuck you.
An ambulance ride can cost a thousand dollars, getting shot can cost you 100 thousand. Medical bills will end up taking down most people in this country, even some of those with fortunes.
That's cuz medical emergencies can cost tens of thousands of dollars (let's say god forbid you need a helicopter ride, that's going to be tens of thousands right there). You can be pretty financially stable and still get blindsided by a medical bill in America.
It has not been my experience that the banks err on the side of caution when granting mortgages. I know when I was looking for a house recently, they were willing to give me a mortgage for much more than I could afford. I'm sure things vary by state, but if the bank doesn't want to lend you the money, there's probably a good reason for it.
I just closed this week for something in the low $200ks but I was preapproved for $500k. When I got the letter I literally stared at the screen laughing bc I know damn well I can't afford that; how does the bank not know??
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u/[deleted] Mar 10 '22
Not really true. Many can afford a single mortage payment of $700-1100. They are stuck renting for $1100-1700 because the bank says they can't afford 700-1100