Doesn't

anybody save a reasonable down payment before they buy a house?

http://www.bloomberg.com/apps/news?pid=20601087&sid=a3uzhDOF9FXI&refer=worldwide

i never did

Why not? I just can't imagine living on the edge on purpose.

fred wrote:

Why not? I just can't imagine living on the edge on purpose.

that's exactly the point of most of what you post. you can't imagine anything but what you think you know.

So you believe have your home mortgaged 100% is a good idea?

fred wrote:

So you believe have your home mortgaged 100% is a good idea?

i believe you are in no position to know what is "good" or "bad" for me. i've purchased 8 houses in my life and never put very much of a down payment on any of them. i've never missed a payment, never been foreclosed and never lost $ on a house. maybe you shold get on my plan and off of that big downpayment scam.

I'm glad for you, really. But you can walk on the edge of a cliff and most of the time nothing bad happens. Did you read the article? It talks about unforseen things happening that cause you to have to sell your house and it has gone down some in value. I should probably qualified the having money down thing. If you can buy one without having a down payment, but have money to fall back on in case of hard times. That would be a different thing. Would you encourage your children to buy a house with no money down and no safety net?

fred wrote:

I'm glad for you, really. But you can walk on the edge of a cliff and most of the time nothing bad happens. Did you read the article? It talks about unforseen things happening that cause you to have to sell your house and it has gone down some in value. I should probably qualified the having money down thing. If you can buy one without having a down payment, but have money to fall back on in case of hard times. That would be a different thing. Would you encourage your children to buy a house with no money down and no safety net?

i've answered your "mortgage" question, fred. i am not responsible for the mortgage crisis. blacks and poor people aren't to blame for it. greedy lenders are.

like jc I bought my present home out here with lil to nothing down and never missed payments been late or anything else. (even when the county continues to raise the value of my home and property. Leaning very heavily on putting it up for sale and buying a bigger house with a nice yard instead of 10 acreas.

The value of this place has gone up about 50k since purchased it so deduct what I owe if sales will still pocket a nice sum, of which won't all be used to put down on a new home. Guess some of us can live that way and some can't huh fred?

As long as you live in a place that values keep rising you're golden. There are people in Florida and California that hav seen values rise for the last 30 years and in the last 2 they have fallen.

Hey jc, do you buy cars by how much of a payment you can afford?

no fred sure jc has a garage full of classic cars he can afford but because of that he lives on mac and cheese. On holiday's he mixes in hotdogs!

Most people buy what they can afford.....or at least those who try and budget what they have.

fred wrote:

As long as you live in a place that values keep rising you're golden. There are people in Florida and California that hav seen values rise for the last 30 years and in the last 2 they have fallen. Hey jc, do you buy cars by how much of a payment you can afford?

no, i buy at loan value and sell at retail.

Used car salesman?

fred wrote:

Used car salesman?

no.

How do you sell them at retail? Most of the time it is hard to sell one for more than a person can get a loan for.

fred wrote:

How do you sell them at retail? Most of the time it is hard to sell one for more than a person can get a loan for.

YOU HANGING OUT IN THE HOOD AGAIN, FRED?

I have sold cars where the person says they want it for the price I am asking and then they call back the next day and say the bank won't loan them that much on that car.

if a person can't buy the car for what i want, then i sell it to someone else.

Re: Doesn't

fred wrote:

anybody save a reasonable down payment before they buy a house?

I've only bought three Houses in my life. I paid Cash for every one of them. No choice, really. That part on the Loan Application where it asks how long you were at your last job....... When I put down 20 Minutes, it seems to be a real Deal Breaker.

Re: Doesn't

BanditBacker wrote:

fred wrote: anybody save a reasonable down payment before they buy a house? I've only bought three Houses in my life. I paid Cash for every one of them. No choice, really. That part on the Loan Application where it asks how long you were at your last job....... When I put down 20 Minutes, it seems to be a real Deal Breaker.

don't tell me; every time you hear 'take this job and shove it' on the radio you say that to your supervisor and get fired.