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The wanderer
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4,350 Posts
Discussion Starter · #1 ·
How's this for discrimination! What now, it's our RIGHT to be a home owner? Which amendment is that?
Read this today:

"Democrats Vote Down 5 Percent Rule

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."


Yeah...we wouldn't want to restrict home ownership to only those who can afford it...

Who votes for these people?:dunno::scratch
 

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1,240 Posts
How's this for discrimination! What now, it's our RIGHT to be a home owner? Which amendment is that?
Read this today:

Chris
Dodd (D-Conn) explained, "passage of such a requirement would
restrict home ownership to only those who can afford it." [/I]

dunno::scratch
:eek: You mean ya have to actually PAY for things?! :eek: I thought my lunch was FREE!

I just don't understand how we let our pols get America to this point.

The walls of Rome are burning and the fiddle is playing..........
 

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The wanderer
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Discussion Starter · #3 ·
Yep, ole Nero is sawing away on that fiddle!
 

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I was told that Obama would be paying my mortgage! You mean that's not gonna happen?! :eek: :rolleyes:
 

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YourAdministrator, eh?
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8,000 Posts
When I bought my house, I was told that I needed 10% down-payment on it to qualify for a "secured loan" that I would have to pay a premium for insurance. I was told that if I could raise just 25% of the purchase price that I could could bypass the loan-insurance policy. So, I came up with just over 25% of the purchase price and bought this place. In a couple months, this house will be paid off completely and I can sell it "free-n-clear" to move into a much better property.
 

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Premium Member
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When I bought my house, I was told that I needed 10% down-payment on it to qualify for a "secured loan" that I would have to pay a premium for insurance. I was told that if I could raise just 25% of the purchase price that I could could bypass the loan-insurance policy. So, I came up with just over 25% of the purchase price and bought this place. In a couple months, this house will be paid off completely and I can sell it "free-n-clear" to move into a much better property.
Good for you, that "is" living the dream.:beercheer:
 

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Woodchuck
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3,347 Posts
I guess I just don’t understand high finance.

Back before the whole housing bubble thing, you were required to have 10% down to buy a house or land. I don’t remember the 25% thing listed above but can believe it. And they would NOT lend you over 100% of the current value of the home!!! If having to save some money to buy something you really want… NOT NEED as many people can only afford to RENT a home (or apartment)… means that only… what is the quote from above…

"passage of such a requirement would restrict home ownership to only those who can afford it."

Yeah, only those who can actually AFFORD to make the payments should be able to own a home. WTF? Sad days, very sad days when our government wastes it’s time on issues like this instead of doing the job they were elected to do.
 

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Administrator
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The issue is that's what they are doing. We keep putting them in office. We are the problem. Not you and I personally, I mean the populace in general.
 

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When I bought my house, I was told that I needed 10% down-payment on it to qualify for a "secured loan" that I would have to pay a premium for insurance. I was told that if I could raise just 25% of the purchase price that I could could bypass the loan-insurance policy. So, I came up with just over 25% of the purchase price and bought this place. In a couple months, this house will be paid off completely and I can sell it "free-n-clear" to move into a much better property.
I did the same deal to get away from mortgage insurance. I also bought a duplex in order to get help with the payment.:cool:
 

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Liq Plumber on ur tin hat
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41 Posts
I guess I just don't understand high finance.
You and me both.

I think we have the wool pulled over our eyes about what "the dream" really is. Owning real estate may be "the dream" but owning a postage stamp in the city that we are stuck in isn't a very good dream. "Doing the right thing" and buying a house is now preventing us from living the lifestyle we really want to. :(
 

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Reverend Coot
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:eek: You mean ya have to actually PAY for things?! :eek: I thought my lunch was FREE!

I just don't understand how we let our pols get America to this point.

The walls of Rome are burning and the fiddle is playing..........
You was born here, sorry, that only works if ya shoot across the border from the south, then they give ya anything ya wan't.

Another step towards government control an it's gettin worse. There trying to come up with new regulations on how energy efficient your home has to be inorder to be sold, may include a license that has to be renewed annually an would require you to update your home ta there standards, could include electrical an plumbing. Best to live in a cave I think, er a rv.
 

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RockyMountainCanadian
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4,288 Posts
The whole financial system is set up to keep people under somekind of payment plan. 5 percent down and 30 years of payments is just a different form of slavery. I don't want to sound grim or what ever but if you just qualify it is real hard tio make it . better to buy small or rent , but rent a cheap place and then save until you can put a decent downpayment , it is the interest that costs :gaah:
 

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Zookeeper
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145 Posts
I think 5% would be a good, absolute minimum. We were just looking at land north of us and IF anyone would finance it I'm betting they will want 25% plus down.

On the other hand, I think home prices are to high. We have considered moving many times to an area where home and income levels match. They don't in our location (but things are "improving" as the economy goes downhill :( ).
 

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You and me both.

I think we have the wool pulled over our eyes about what "the dream" really is. Owning real estate may be "the dream" but owning a postage stamp in the city that we are stuck in isn't a very good dream. "Doing the right thing" and buying a house is now preventing us from living the lifestyle we really want to. :(
I agree with you kriket, I never wanted to own a home, it came with marriage. My plan was to get a 20-24 unit apartment building bought and paid for then get a larger boat to live on while the renters supported my simple lifestyle. Living aboard means you don't have to waste money on furniture and stuff like that.
 
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