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Are you saying that folks can't save up $3,500 for the down payment on those houses?
And yet the bank, government, and seller, are supposed to believe they can afford a monthly payment, plus insurance, taxes, upkeep, etc.? Say $900 a month. Make that payment (minus the identical payments on where they currently live) to themselves for 6 months and buy a house.
Oh wait, you mean they want to move into $250,000 homes so they need to save up $8,750? Same thing.
Prove to yourself you can make the payments before you have to make the payments.
Delaying the time before they buy so they can raise that extra 0.5% is not the end of the world. If they'd tried to make it 10%... then that be different. posted 05/10/2008 at 09:08:50