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4. Assests showing you have enough resources to survive a job loss for 6-12 months.
That's a pretty good idea right there. I think maybe CDs, Passbook Savings Account or some other readily liquid asset.
I think going back to the 5/7 Rule would help too. Prior to the early 1980s, all creditors used the 5/7 Rule, which was 5 years at the same job 7 years at the same address or 7 years at the same job 5 years at the same address, plus a listed phone number. Without that, you didn't get credit. Maybe a gas card. Maybe a small appliance store in your neighborhood would give you revolving credit line to buy a refrigerator or something.
I think some of the younger people just don't understand how hard it was to get credit. I was 20 before I got a SOHIO gas card with a $50 credit limit.
Even if 20% down remains the rule but qualifying becomes more difficult, there will always be programs to help people buy a home.
In todays setting where low pay is the norm, most people can never save 20% of the average home value. If there were not programs to help lower income people buy a home then there would be zero first time home buyers which is the first link in the home buying chain.
Desert..then that means home prices need to come down to levels that people can afford with 20% down.
Oh Im with ya there but in most parts of the country prices have come down from 40 to 50% and still falling. So to benifit some, others will suffer.
I personally lost 50% value of my home in Las Vegas. I owned lake property in south Texas for 3 years now and the value does nothing but go up. I dont have to convince you of this fact though my Texan friend.
Oh Im with ya there but in most parts of the country prices have come down from 40 to 50% and still falling. So to benifit some, others will suffer.
I personally lost 50% value of my home in Las Vegas. I owned lake property in south Texas for 3 years now and the value does nothing but go up. I dont have to convince you of this fact though my Texan friend.
Yup..Texas so far has weathered this housing bust rather well.
In time it will be no different, this is america greed & corruption will be back, business as usual.
I dont want to agree with you but unfortunately you are right on the nose. Once this depression fades it will indeed be business as usual. Greed and corruption is in our culture. It will never die.
if you have the income coming in to pay it off then why not
Because then you have no skin in the game, no vested interest in the property, no equity stake.
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