markets where you can save for a loan FAST//
"The markets where Americans aged 25 to 30 can save up a down payment for a house mortgage most quickly include Detroit, Michigan (4.1 years with a degree, 5.3 years without), Camden, New Jersey (5.3 years with a college degree, 5.9 years without) and Dayton, Ohio (5.7 years with a degree, 5.3 years without one), assuming putting 20% down on the median home price in those cities.
Breaking with Tradition?
The Trulia study is based on a 20% down payment, the traditional payment that allows buyers to avoid mortgage insurance. Of course, you can buy a home by putting a smaller percentage down. Trulia found that if a young person without a college degree saved up for a 10% down payment, he or she could buy a home in 28.5 years in San Francisco, 12.8 years in Los Angeles (vs. 39.9 years with a 20% down payment) and just 8.8 years in New York (vs. 20.2 years with a 20% down payment).
In both Columbia, South Carolina and El Paso, Texas, a young person could save up for that 10 - 20% down payment 1.6 years. These metro area job markets are smaller and the housing markets are inexpensive."
Wonder why they aren't touching on the 3.5% down for an FHA, if the person has two years of full time employment. r claims his score was only 680 and he had a bankruptcy from five years ago and that is why the bank only approved an fha at 30 years. personally, i don't believe it, though with banks you never know. banks are filling niches really - sometimes loans go through that shouldn't simply because it fills a niche. also if you don't ASK for a fifteen year mortgage (which will provide a lower interest rate and you pay off HALF of your house in 7 years, which is safer because you aren't dependent on the market, which just like with stock can go up or down). whatever. i'm still pissed about his loan and i'd like to see it.
he bought a 2010 house so that is good. he expected a 2005 foreclosure and he said the one he saw was trashed. his house up here was super old, but st. augustine is historical. L's sister's house is actually from the 1600's and when they were redoing the walls the plaster would crumble. its a whole other thing. but she wanted one of those houses. 1600's is a REALLY old house. amazing its still standing. m's loan will be like r's. she also wants ONLY a house built around 2010, nothing older. deltona has areas like that. LOTS of them and the houses are a LOT cheaper than here as well, which i never understand.
its been a really rough week and i'm not done yet. we have three guys out at work. one was a no sho after surgery earlier in the week, strange he didn't call. e accused him of not calling because he was out partying. who knows. odd though. one on indefinite medical leave and one on vacation. now we have another who may need a medical leave. i discovered i am a total grouch if i work twelve hour shifts for several days straight -- one or two has no effect, but 3 or 4 or more i become deadly. lol. however, i think a lot of the grouchiness is my back hurts from the accident alllll the time and longer shifts make it worse. i'm a different person since the accident. funny though, we had an incident here, an all of a sudden, i'm wide awake and not feeling any pain at all. you go into fight mode or something. lol. then it calms down and the pain comes back. grrrrr. i also keep getting woken up by the foreign nut. when is that going to stop? unreal. so that is making me grouchy as well. the guy that is trading with me on the twelves, i asked him to work a few of these hours today and he's too tired from it. so working this as an emergency schedule, probably won't work. he's going to have to let me know what he CAN handle instead of suffering through like this. going out to clubs all those years is what prepares you for this the most. seriously. never would have guessed. lol. the other guy covering some of it, who likes to challenge himself with hours was the same way, but he hung out at bars like the shade outside of jacksonville when super young in 1988 and early 90's. but there is a benefit to all that partying. it toughens you up. you can function when other people can't. seriously.
Breaking with Tradition?
The Trulia study is based on a 20% down payment, the traditional payment that allows buyers to avoid mortgage insurance. Of course, you can buy a home by putting a smaller percentage down. Trulia found that if a young person without a college degree saved up for a 10% down payment, he or she could buy a home in 28.5 years in San Francisco, 12.8 years in Los Angeles (vs. 39.9 years with a 20% down payment) and just 8.8 years in New York (vs. 20.2 years with a 20% down payment).
In both Columbia, South Carolina and El Paso, Texas, a young person could save up for that 10 - 20% down payment 1.6 years. These metro area job markets are smaller and the housing markets are inexpensive."
Wonder why they aren't touching on the 3.5% down for an FHA, if the person has two years of full time employment. r claims his score was only 680 and he had a bankruptcy from five years ago and that is why the bank only approved an fha at 30 years. personally, i don't believe it, though with banks you never know. banks are filling niches really - sometimes loans go through that shouldn't simply because it fills a niche. also if you don't ASK for a fifteen year mortgage (which will provide a lower interest rate and you pay off HALF of your house in 7 years, which is safer because you aren't dependent on the market, which just like with stock can go up or down). whatever. i'm still pissed about his loan and i'd like to see it.
he bought a 2010 house so that is good. he expected a 2005 foreclosure and he said the one he saw was trashed. his house up here was super old, but st. augustine is historical. L's sister's house is actually from the 1600's and when they were redoing the walls the plaster would crumble. its a whole other thing. but she wanted one of those houses. 1600's is a REALLY old house. amazing its still standing. m's loan will be like r's. she also wants ONLY a house built around 2010, nothing older. deltona has areas like that. LOTS of them and the houses are a LOT cheaper than here as well, which i never understand.
its been a really rough week and i'm not done yet. we have three guys out at work. one was a no sho after surgery earlier in the week, strange he didn't call. e accused him of not calling because he was out partying. who knows. odd though. one on indefinite medical leave and one on vacation. now we have another who may need a medical leave. i discovered i am a total grouch if i work twelve hour shifts for several days straight -- one or two has no effect, but 3 or 4 or more i become deadly. lol. however, i think a lot of the grouchiness is my back hurts from the accident alllll the time and longer shifts make it worse. i'm a different person since the accident. funny though, we had an incident here, an all of a sudden, i'm wide awake and not feeling any pain at all. you go into fight mode or something. lol. then it calms down and the pain comes back. grrrrr. i also keep getting woken up by the foreign nut. when is that going to stop? unreal. so that is making me grouchy as well. the guy that is trading with me on the twelves, i asked him to work a few of these hours today and he's too tired from it. so working this as an emergency schedule, probably won't work. he's going to have to let me know what he CAN handle instead of suffering through like this. going out to clubs all those years is what prepares you for this the most. seriously. never would have guessed. lol. the other guy covering some of it, who likes to challenge himself with hours was the same way, but he hung out at bars like the shade outside of jacksonville when super young in 1988 and early 90's. but there is a benefit to all that partying. it toughens you up. you can function when other people can't. seriously.
Replies
Sorry sweetie, I do not have a clue. I live in Canada and the laws are so much tighter than in the States. Hugs
its harder in canada? don\'t they have grants from the government like in scandinavia for housing?