HUD IS Denying FHA loans - Page 2

It's dumb to take a mortgage loan for a house or apartment. Essentially with interest of 4% and 30 year fixed morthage rate you will pay off 1 house for the bank. Don't take loans. Save money.

It is ridiculously stupid to buy a house in our situation.

It is not comparable to going to college. The skills and the degree you get will stick with you forever.

The house you buy will be repossessed if things go south more than they are right now for us.

And it is not a matter of building equity and saving rent money when you buy a house. The first 5-10 years of a mortgage will go to paying the interest only. So in an emergency situation (e.g. SCOTUS striking down DACA) where you have to sell it, you would have lost more money by paying the real estate agent commission, mortgage interest, fees and taxes etc... than you would have paid in rent.

Exactly. With my degree in accounting and fluent English if i go back to my home country i can earn way more than i earn here in US working for big 4. On the other hand you can't take a house with you.

You could put up the house for sale and ask a family member to take care of it ...?

I myself own 3 houses now (don’t jelly they’re small 900sqt homes anyway) I plan on renting if things go south

This.

A $500,000 loan for a $500,000 house will end up costing you almost $900,000 at the end of the term - essentially paying off two houses to own one.

Bad business.

or you could do what everyone does and just make one single 500k payment?

Who knew “dreamers” were so financially illiterate. You should never buy a home with cash. It’s much cheaper to borrow money at say 4% and invest in a index fund which over the course of say 30 years will net you much much more than sinking the same amount as a principle payment on a house.

xfd

wait


you are seriously, tell us more about this index fund

In my area, rents are ridiculously high to the point where mortgages are cheaper.

i bought a house for 80k cash when the market crashed in 2008-2010.

it is now worth over 350k.

straight cash, homie.

stop shitting on other Dreamers here cause u not one. you always trynna one up people on here acting intelligent and shit. everyone has different experiences.