So, grandma can't loan you her money at 5% to purchase your new home, huh? That'll really probably hurt DUmmies more than conservatives. ....and you're right, that's utter BS.
On second thought, that may be to hurt conservatives more. Very few DUmmies have any great amount of money and wouldn't try to help their kids in a constructive way anyway.....knowing they're not likely to get their money back from their worthless kids. Conservatives on the other hand have raised their kids to take responsibilities seriously and want to help their kids get off with a good start....hence the DUmmie meme about the evil rich having an advantage....and the playing field isn't level.
I use private money to purchase my rent homes. It is easier to get, it doesn't come with a lot of closing costs (IE; I don't have to pay for surveys, appraisals, loan processing, underwriting, origination fee, PMI, etc ...), I can structure it they way both parties want it structured and it doesn't come up on my credit when it gets pulled for other purchases. I can also purchase as many homes as I like! Plus I can get loans for really small home purchases. Finding regular lenders to loan you $15,000 or $20,000 is not going to happen and even if you do the closing costs are going to end up being 20% of the loan value.
If you use regular lenders they cap you at 10 homes. As it stands right now I can go to regular lenders for other homes and they won't see all the other homes I'm already buying.
Yeah, this is just stupid government stuff to keep the idiots from 'hurting' themselves then blaming it on someone else. I have several rent homes and I am not allowed to owner finance them unless I go take some classes and get registered (which I'm going to end up doing).
KC
