re: First time homebuyer

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So this is exactly the reason housing prices are higher in the first place. It just common place to overextend yourself before you even build a savings. "Who cares, the note is only $xxxx a month." If people would actually save 20%, then you are right, many wouldn't be spending 200k. And you know what would happen, housing prices would stay reasonable. "But Jim-Bob got a job at the plant and we can afford $2000 a month. We can't pay any down because we just got a new side by side and a lift for the truck, but we can afford it. Mr. bank man said I only got to put 3% down!"

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