Yes, it is nonsense. There are people who should not be homeowners. They do better as renters.
Lenders were told unless they qualified more people to own homes they would suffer the wrath of the government or Community Organizers, such as Obama. People who applied didn’t have to give two years of financial info…it was “Can you afford this payment?” “Yes” was the reply. “Great you are now a homeowner!”
Recall the housing crisis of 2007-2009? Which was actually longer as we lived it. For most it began in April of 2006 to 2012. We couldn’t sell. My home was on the market for 6 years! I had to sell my Mom’s home at a severe loss which was unheard of in Florida. So many foreclosures people couldn’t buy.
When we did rid ourselves of the burdens & were debt free we had to jump through hoops to get a loan. All were gun-shy as the saying goes.
To repeat some aren’t homeowner types, just as some aren’t college types. They do better as tradesmen which are in short supply.
BTW, we worked ourselves in steps to acquire our first home. We rented, we purchased a small used mobile home. I worked nights for 4 years in order to save for a down payment. No childcare for the kids except for 1 hr each day until my husband got home. After both were in school I went to days & continued to save most of my tcheck. We did for ourselves without any government help. Used vehicles with constantly working on them. We had it rough, but WE made it.
reply
share