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Veterans get their loans backed by the government, so no down payment.
It allowed me to get a decent sized 3 bedroom house on almost an acre inside of a metro location... For $400 more than a 1 bedroom apartment down the street a decade ago. I got two friends as roommates at first, paid lower than my old rent and they saved up their own down payments and both moved out into homes they bought in just a few years because I charged really cheap rent.
I just checked, my old apartment has went up $700 in that decade.
The Down Payment is the hardest part of buying a home. You can't save up 25k while paying what's essentially a mortgage payment.
Give first time homebuyers the same program, and loads of people who think they'll never own a home would be able to do so and pay less than renting within just a few years.
If we don't do anything, those people are going to be lifelong renters.
Yeah, that's the current idea. We'll all own nothing and we will like it
We were lucky enough to buy in 2019 before everything got out of sight in our area. We used a FHA loan which required a 3% down payment and I got a first time homebuyer grant that covered all of that which allowed us to pay closing and moving costs since we were leaving in a hurry due to the small podunk town we lived in for 12 years stopping extra trash haul off and allowing trash burning in town instead. Almost every day my house was full of smoke. I had to choose between my home or my health. We were outbid on about a dozen houses by landlords. With the loan type we got stuck with a PMI, but even with that and extortionate Texas home insurance rates we still pay half of the renters in the house next to us. Although we'll never be able to afford moving now and if we had waited any longer we would have been stuck in the corrupt small town EPA violation. We paid 96k for a brick 3/1 and five years later it's shot up to 240k in value. I feel bad for the people that can't get one now because I fear it's more going to get any better when half the country cares more about voting for the people they believe hate the same people they do.
This is absolutely not an endorsement of fascist traitors and everyone should absolutely (1) vote and (2) pick Biden, but I feel compelled to point out that a lot of the factors causing the housing crisis (car dependency, NIMBYism, etc.) are thoroughly bipartisan.
I mean absolutely. Lobbying, no party actually representing progressive ideas, and corporatism insures that if nothing else does. I'm just saying that the people who tend to vote for the fascist traitor always vote against their own interest. I'm sure it'll trickle down any old time though. checks watch
No, I mean it's really bipartisan -- including progressives. You'd be surprised how many folks with yard signs like this get just as NIMBY as the WASPy-est suburban conservative when push comes to shove and somebody proposes increasing density in their neighborhood. I live in a very progressive part of my city and am active in local politics, and I see it all the time.
I'm afraid my experience is limited, but I'm not too shocked. Granted I'm jaded, but people mostly seem to suck regardless of other demographics. I grew up in a small town in SE Oklahoma and have never lived in the fancy neighborhoods. I live across the border in Texas, but it's like 80% Conservatives here too so not a lot of experience outside of that unfortunately.
How so? This is about home ownership. People who own homes don't want new apartment buildings going up next to them so vote against that. But apartment buildings do not have home owners.
People are perfectly fine living in suburban sprawl which is what NIYMBism is most often associated with. So there is some argument that this causes higher rent but it seems quite the stretch to apply it to also blame it on home prices.
First of all, dense housing can be townhouses and condos that are owned, so "apartment buildings do not have home owners" is a bit of a red herring.
Second, The law of supply and demand is a thing. When density is prohibited by law due to NIMBYism, supply can't meet demand and prices go up. In other words, the absence of dense housing -- even rental apartments -- makes it harder for first-time buyers than it otherwise would be.
There is a federal first time home buyer program even for non military members. You can put basically 0% down on your first house. You just also have to pay PMI until you have 20% equity in your home. So you are better off making as large of a down payment as you can but it can be as low as 0%. Of course there's still closing costs but that doesn't cost too much more than most rentals charge for a security deposit anyways. As far as PMI goes it isn't that expensive. With the PMI, taxes, and insurance included my mortgage payment on a 3 bedroom house is still less than rent on a 1 bedroom apartment in my area.
It's better than renting, but PMI is a racket and needs to be discontinued. It's a handout to the wealthy. The mortgage insurance is the property itself. If you don't pay your loan, they take the property. It's a hassle to foreclose a house, but I think mortgage lenders do just fine overall. They must assume some risk, it's part of the deal.
PMI is just another weight around your neck, it shouldn’t be normalized
It's BS but it's still better than renting. With house prices currently bloating like a roadside racoon corpse you can also get rid of it pretty quick.
This is accurate, same experience here. It's a good solution for new buyers, and the PMI cost should be a small expense relative to the alternative of having the full down payment.