As a renter, who cannot afford to buy, I am getting tired of hearing about "home

[bijou]

I live in Austin and there are homes to be had for $125,000.00.  They aren't the nicest but would be fine for a first home. 

I am convinced that part of the problem (in many countries not just the US) is that people have not wanted to have starter homes/apartments and move to something bigger when they could afford it.  I rented until I was in my 30's simply because I wanted to be in a position to be able to buy an apartment in an expensive neighbourhood, which I did and then waited again until I could afford a house there.  Too many people went with the 'I want it and I want it now' urge without thinking about how they would afford it down the line.

[Miss Mia]

I am convinced that part of the problem (in many countries not just the US) is that people have not wanted to have starter homes/apartments and move to something bigger when they could afford it.  I rented until I was in my 30's simply because I wanted to be in a position to be able to buy an apartment in an expensive neighbourhood, which I did and then waited again until I could afford a house there.  Too many people went with the 'I want it and I want it now' urge without thinking about how they would afford it down the line.

That's exactly it, people not understanding working your way up.  I bought a starter home a year ago ($0 down, 30-year fixed).  It was in my price range and is on a nice street.  BUT it's only a 2 bedroom, 1 bath, no garage on pier and beam.  There's a guy at work, he thinks he needs the best of everything RIGHT NOW and he's my age and wouldn't be caught dead in my house.  The moron proved how much he doesn't understand about finances today, everyone's had a great laugh at his expense.  Let me just say, we're in the car dealership industry and it's not hard to see that we're not selling a lot and that's what he makes his money off of.  In the end, me and my simple house with a simple car payment won't be the one getting foreclosed and repo'ed on, it's going to be him. 

[debk]

I've owned and operated my own mortage company for 20 years.  There's no such thing as purchase money for a 120% LTV, 50-year, variable rate mortgage.

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I did not say the loan was 120% LTV.

But there are 50yr mortgages available where I am.  Whether or not there are adjustable rates on them now I don't know, they were available when they first came out. I also don't know if they are still available with fixed. At the time, I said....late 2006 or early 2007...they were.

Here's a site, in my area, that I just found.http://www.lendermark.com/50_year_fixed_rate_mortgage_programs.htm

and an article regarding 50yr mortgages. http://www.mortgage-lenders-plus.com/mortgage/content/Is-The-50-Year-Mortgage-For-You.asp

There were other sites, but I get enough junk loan email and snail mail, I'm not giving out any info to get info for here.

[Chris_]

Is having used your student loan to buy beer and dope beginning to look stupid yet?

It is what I did -- Lucky Beer with the rebuses in the cap.  Dope was too expensive, since I had to pay Malibu rent.

[USA4ME]

I did not say the loan was 120% LTV.

Honey, I'm in the business.  You're not telling me anything I don't already know.

The poster at the DUmp was talking about not having purchased a home and getting himself into a "120%, 50-year, variable rate mortgage."  My comment was covering his full statement, not just a portion of what he said, but his whole statement, of which what he described is a product that has never existed.

See:

RadicalTexan

I was also smart enough not to try to get a 120%, 50-year, variable rate mortgage.

To which I replied:

USA4ME

Congratulations on being smart enough not to obtain something that never existed.

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