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Old 08-07-2013, 05:34 PM   #21
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Quote:
Originally Posted by phrozen06 View Post
Translating for the OP: People who don't look like me don't deserve to own an home.
you really should seek help. I'm not trying to be funny. I'm not trolling. I'm dead serious.
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Old 08-07-2013, 07:06 PM   #22
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Translating for the OP: People who don't look like me don't deserve to own an home.
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Old 08-08-2013, 12:30 PM   #23
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Nobody was missing a house payment when Clinton was in office.

The real damage occurred after Dubya's idiotic American Dream Downpayment Assistance Act that was passed in '03.

Dubya didn't just ease restriction on mortgages - he gave away down payments to people who had no business buying a house.
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Originally Posted by casino is no lie View Post
Not to mention the it was the debt-swaps of mortgage securities that led to the financial meltdown. All of which happened under Bush's watch.


There is a clear correlation between Republicans and destroying this country. It's statistics. You cannot argue otherwise, it would be illogical, dare I say... childish.
Let's not forget the Community Reinvestment Act and Clinton's enforcing of Fannie/Freddie to issues loans to lower credit scores.

Personal savings plummeted and mortgage debt increased under Clinton ect e
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Old 08-08-2013, 01:40 PM   #24
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If you don't have the down payment, you aren't qualified!
And even that's not enough. I might have 60K in the bank, but if I drop it all on the downpayment, and my job can't keep up with the mortgage, it's a bad loan. People can borrow money for a downpayment, sell their jewelry, sell their car, whatever. If I was a bank, the downpayment would be a very minor indicator, but credit and the ability to repay would be a lot bigger. Today, if you have 20%, you get the mortgage.
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Old 08-08-2013, 01:42 PM   #25
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Everyone should be able to own a house. Not everyone will be able to without hard work and fiscal responsibility. It's not like he said they must.
I agree with the bold...everyone should be ABLE to, but not everyone can, or ever will be in a position to. This is something many people in government don't seem to understand.
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Old 08-08-2013, 01:57 PM   #26
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And even that's not enough. I might have 60K in the bank, but if I drop it all on the downpayment, and my job can't keep up with the mortgage, it's a bad loan. People can borrow money for a downpayment, sell their jewelry, sell their car, whatever. If I was a bank, the downpayment would be a very minor indicator, but credit and the ability to repay would be a lot bigger. Today, if you have 20%, you get the mortgage.
Today, if you have 3.5%, you get the mortgage, per FHA requirements. 5% for conventional.
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Old 08-08-2013, 02:13 PM   #27
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I'm aiming for as close to 50% down as I can, but then again I'm responsible and intelligent
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Old 08-08-2013, 02:21 PM   #28
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I'm aiming for as close to 50% down as I can, but then again I'm responsible and intelligent
again, having a smaller down payment =/ irresponsible or unintelligent.

Credit worthiness is not determined by your net worth alone.

If others followed the same requirements for purchasing a home with a similarly sized down payment, the amount of people purchasing homes would be very, very small, the amount of homes on the market would be in gross excess, the values of the homes would plummet to only a small fraction of the new construction costs to build such a home, and thus every penny you spent on your home would be considered a losing investment.

Would it be responsible or intelligent to invest so much money in a losing investment?
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Old 08-08-2013, 02:32 PM   #29
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Originally Posted by phrozen06 View Post
Translating for the OP: People who don't look like me don't deserve to own an home.
I'm now convinced you are just a troll.
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Old 08-08-2013, 02:38 PM   #30
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I'm aiming for as close to 50% down as I can, but then again I'm responsible and intelligent
Well, that depends. At today's rates, for me, it would be worth it to keep as much cash as I can, as I make more than the 3.5% the interest saps on investments. Same thing with my Jeep. I could have bought the entire thing in cash, but it wasn't worth it. Having the extra 20K earning 10-12% was worth it over the 2.4% interest savings. Personal choice obviously.
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Old 08-08-2013, 03:15 PM   #31
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Obama Calls For Eased Restrictions on Home Mortages : Bubble Here We Come!!!

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Well, that depends. At today's rates, for me, it would be worth it to keep as much cash as I can, as I make more than the 3.5% the interest saps on investments. Same thing with my Jeep. I could have bought the entire thing in cash, but it wasn't worth it. Having the extra 20K earning 10-12% was worth it over the 2.4% interest savings. Personal choice obviously.
Yeah, a car is hard to justify sometimes. I pay mostly cash too, unless I'm offered zero % than I take it and pay it off in time.


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Old 08-08-2013, 04:24 PM   #32
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again, having a smaller down payment =/ irresponsible or unintelligent.

Credit worthiness is not determined by your net worth alone.

If others followed the same requirements for purchasing a home with a similarly sized down payment, the amount of people purchasing homes would be very, very small, the amount of homes on the market would be in gross excess, the values of the homes would plummet to only a small fraction of the new construction costs to build such a home, and thus every penny you spent on your home would be considered a losing investment.

Would it be responsible or intelligent to invest so much money in a losing investment?
Again, you're acting like your situation was the norm. If that were so we wouldn't have had the last crash.
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Old 08-08-2013, 05:19 PM   #33
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Re: Obama Calls For Eased Restrictions on Home Mortages : Bubble Here We Come!!!

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Originally Posted by Scooby24 View Post
again, having a smaller down payment =/ irresponsible or unintelligent.

Credit worthiness is not determined by your net worth alone.

If others followed the same requirements for purchasing a home with a similarly sized down payment, the amount of people purchasing homes would be very, very small, the amount of homes on the market would be in gross excess, the values of the homes would plummet to only a small fraction of the new construction costs to build such a home, and thus every penny you spent on your home would be considered a losing investment.

Would it be responsible or intelligent to invest so much money in a losing investment?
It absolutely would not be intelligent or responsible. Then again you need to realize a home is NOT an investment, it's an asset. People thinking their homes were investments and using them as ATM machines was one of the major causes of the housing crisis.

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Old 08-08-2013, 06:24 PM   #34
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Let's not forget the Community Reinvestment Act and Clinton's enforcing of Fannie/Freddie to issues loans to lower credit scores.

Personal savings plummeted and mortgage debt increased under Clinton ect e
I bought a house under Clinton's program. I never missed a payment and sold it 6 years later. Nobody was missing house payments under Clinton's program. The meltdown occurred after Dubya decided to hand half a billion dollars and easy mortgages to people who couldn't make a house payment. Combine that with a blind eye to real estate thievery and you have a meltdown of Dubya proportion.
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Old 08-08-2013, 06:38 PM   #35
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I bought a house under Clinton's program. I never missed a payment and sold it 6 years later. Nobody was missing house payments under Clinton's program. The meltdown occurred after Dubya decided to hand half a billion dollars and easy mortgages to people who couldn't make a house payment. Combine that with a blind eye to real estate thievery and you have a meltdown of Dubya proportion.
What does the fact that you never missed a payment have to do with who was president at the time? Are you trying to say that the president of the united states is able to directly cause people to be responsible or irresponsible? Deadbeats not paying their mortgage has nothing to do with Clinton, Bush, Obama, or Alex Jones.
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Old 08-08-2013, 06:46 PM   #36
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I bought a house under Clinton's program. I never missed a payment and sold it 6 years later. Nobody was missing house payments under Clinton's program. The meltdown occurred after Dubya decided to hand half a billion dollars and easy mortgages to people who couldn't make a house payment. Combine that with a blind eye to real estate thievery and you have a meltdown of Dubya proportion.
This post has stupid written all over it. Should I care to even ask for a source?
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Old 08-08-2013, 07:02 PM   #37
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Obama Calls For Eased Restrictions on Home Mortages : Bubble Here We Come!!!

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If you don't have the down payment, you aren't qualified!
I've done just fine with my zero down VA loan, thanks.


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Old 08-08-2013, 07:19 PM   #38
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I've done just fine with my zero down VA loan, thanks.


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oh ok that settles it. Guys posting on a BMW message board are doing ok, that should carry over to the genpop
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Old 08-08-2013, 07:30 PM   #39
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Again, you're acting like your situation was the norm. If that were so we wouldn't have had the last crash.
Do you have the statistics to show evidence to support that low or zero down payment mortgages had a statistically significant correlation to loan default and/or foreclosures?

PMI became more aggressive in the wake of 2007, from what I've seen, in order to protect the banks in the event of a foreclosure on a high LTV mortgage, but I've yet to see any evidence to suggest that there was ever a correlation to support your theory.

That's why FHA and even conventional loans are lending quite easily again with low down payments of 3.5 and 5% respectively with adjustable PMI based on the amount down, yet still remain quite strict on credit scores, bank account transaction history and scrutiny, and much lower "preapprovals".

They aren't doing zero down loans anymore but I suspect that's what Obama is pushing for and unless some statistics show otherwise, I'm in support of that argument.
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Old 08-08-2013, 07:36 PM   #40
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It absolutely would not be intelligent or responsible. Then again you need to realize a home is NOT an investment, it's an asset. People thinking their homes were investments and using them as ATM machines was one of the major causes of the housing crisis.

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Assets cannot also be considered investments? When the economy is on the up and the housing market is appreciation and not depreciating, as we've historically seen is the case for many markets, I would argue it is most certainly an investment when compared to other options like renting.

Considering the tax benefits of mortage interest deductions, principle value applied and retained to the value of the home, appreciation of the market value and remodel investments that add value in excess of money spent....

I really don't understand your argument.

FWIW I bought my house in 2007 before the crash. I just sold my home for 30k more than I paid in 2007...soooo.... if that wasn't an investment, I'm not sure what is.
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