Financing info to seller
Question: Frankly, if you can’t come up with 3% plus closing costs (or if you > have bad credit problems), perhaps this isn’t the right time for you > to make the financial commitment to own a home.
>I beg to differ. In October of ‘93, when interest rates were at >a 25 year low, I was income rich (new job out of grad school), >good credit, first- time homebuyer, and savings poor. >It was the perfect time to buy, and if I could have used FHA >(the houses around DC cost too much), I would have to solve my money shortage. I had to find alternatives sources of cash >for a down payment and was able to get a 6.5% / 0.5 pt >fixed loan. Won’t be down there again for a while, and I would have >missed it but for cash. Not having cash sitting around is not a >sufficient reason to diagnose someone as not ready “to make the financial commitment to own a home”
Answer: Whenever an opinion like my above one is posted, it amuses me that the responses are often the legitimate exceptions. Rarely do I hear back from all the people who say, “Yeah, he’s right! I bought this house and I really shouldn’t have.”
Trust me, my friend, there are far more of them than there are of you. Every day I talk to someone with bad credit, heavy debt load, no money, no job (choose any two of those). Someone has planted the idea in their heads that homeownership is a God-given right. It’s not.
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Filed under: Bad Credit Loan
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