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No wonder why people are going bankrupt!
Topic Started: July 22 2009, 06:08 AM (45 Views)
rach679

We did our preapproval last week (or we gave the guy our information so we could get a good faith estimate). Well, we're approved for 350k loan! Now I have no idea how much a down payment would be at a bare minimum. But our monthly income would NEVER cover the mortgage, let alone the bills that would go along with it! No wonder why people are so over extended when they buy a house! If the bank will approve them for so much money, it doesn't mean you have to go out and buy a 350k house! I'll still to my 150k price range thanks! I'm really proud of us,
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rach679

Sorry Hailey hit buttons ---anyways....

A few years ago (probably around 2005-then again in 2007) we entertained the idea of buying a house and we could only get approved for 120k and that was pushing it. It really feels good to know we're on t he right track with our money.
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MissAngi
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we were talking last night about this. There is a down payment assistance program here... they help you get a ton of money for a down payment, but you have to make a combined income of less than $30k to qualify. Anyone making $30k can't afford to buy a house!! Are they crazy!? LOL No wonder everyone is foreclosing!!
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rach679

It really makes no sense!
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