re: So all I need to do to afford a $750,000 house

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We are talking about closing costs

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we are talking about credits

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We are talking about closing costs on a purchase

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What the frick are you talking about

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Its obvious you have never purchased a home, and that you dont know anything about real estate or financing.

You are a clown and have been completely embarrassed in this thread. Your father would be ashamed

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Its obvious you have never purchased a home

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I don't know about that. But his derisives targeting some of us with fairly extensive experience in the area come across as extremely immature, if not inexperienced.

Not if you buy a condo or townhomes.

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Affordable housing in "a good part of town"

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Affordable housing -- defined as?
"a good part of town" -- defined as?

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These instafamous influencers have really warped people’s minds about how much shite costs.

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This is a big factor in the imagined victimhood seen in this thread. Social media and what's taught on college campuses has messed up some smart people. Add to this an unhealthy "celebrity" that now comes with being aggrieved/victimized and we've got 70% of everybody younger than 40 that believes they've got it bad, worse than their parents and boomers have destroyed their prospects for a nice standard of living.

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I am talking about CLOSING COSTS, as are you.

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Points are not standard closing costs you can chose to pay then or not

Let me ask you this question and we will let the inbred cpa chime in

If you buy a home for 150k and you pay interst only

The balance stays the same. If the value went to 200k did you build equity?

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Yes, which is why I know you’re a clueless moron

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Ah yes the realtors who never understand anything when it comes to lending.

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Sure, presuming accurate valuation. Why do you ask?

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So paying down the loan didnt build equity

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So paying down the loan didnt build equity

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Your initial post said interest only loan.

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If you buy a home for 150K and you pay interst only

The balance stays the same. If the value went to 200k did you build equity?

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That being the situation, you didn't pay down the loan. The balance would still be 150K. If the value of the home increases to 200K, then you have an equity amount of 50K in that home. You gained equity due to the increase in value.

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So paying principal doesnt build equity

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That's not true. If you said "Paying down principal is not the ONLY way to build equity", that would be a true statement.

If you have a 150K interest only loan and after a period of time making payments, the value of the home is 200K. You have 50K in equity.
If you have a 150K loan and you pay payments until the balance of the loan is 100K. The home itself is still valued at 150K. You have 50K in equity.
If you have a 150K loan and you pay payments until the balance is 130K. The home at that time is 180K. You have 50K in equity.

The increase in value of the home is one of the benefits of owning. You're gaining equity on the entire price of the home. If you save all of your spare money, you will most certainly not be able to keep up with the increase in home prices. If a 200K home increases 4% a year, that is 8000 dollars or 700 a month.