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re: WSJ: Wall Street Has Spent Billions Buying Homes. A Crackdown Is Looming.
Posted on 4/29/24 at 10:17 am to baldona
Posted on 4/29/24 at 10:17 am to baldona
quote:renting doesn't make you have to come up with a 20% down payment...the problem with many wanna-be first time buyers, unless they are getting help from family, will have trouble coming up with the down payment, even if homes cost significantly less than now.
Have you seen rent prices? Why does anyone think renting is cheap? Sure, buying isn’t cheap but renting isn’t cheaper.
3
Posted on 4/29/24 at 10:25 am to Chicken
quote:
renting doesn't make you have to come up with a 20% down payment..
You can get a house with as little as 3% down. Stated income loans are also back as well as other forms of subprime. You are correct though. Many people can't even afford groceries due to inflation much less saving 3% for a $250K purchase.
The problem is income growth had no possible way of keeping up with house price increases on top of rates now at 7.5% for 30 years.
This post was edited on 4/29/24 at 10:27 am
Posted on 4/29/24 at 10:26 am to Chicken
quote:I may be wrong, but aren't there federally backed HUD loans for first time buyers that only require a 5% down payment?
renting doesn't make you have to come up with a 20% down payment...the problem with many wanna-be first time buyers, unless they are getting help from family, will have trouble coming up with the down payment, even if homes cost significantly less than now.
Posted on 4/29/24 at 11:28 am to Chicken
quote:
renting doesn't make you have to come up with a 20% down payment...the problem with many wanna-be first time buyers, unless they are getting help from family, will have trouble coming up with the down payment, even if homes cost significantly less than now.
First and last month's rent down is only 16.67% of a 1 year agreement. Yuge savings.
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