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Forum name | General Discussion |
Topic subject | RE: Let's be honest here. FHA loans are a hair above sub-prime. |
Topic URL | http://board.okayplayer.com/okp.php?az=show_topic&forum=4&topic_id=12684132&mesg_id=12684721 |
12684721, RE: Let's be honest here. FHA loans are a hair above sub-prime. Posted by southphillyman, Fri Dec-26-14 10:03 AM
i guess if you live in a 30000 house FHA is fine since the mortgage still probably only be $500 a month or something like that personally i still wouldn't buy a house like that since including taxes and maintenance over 30 you're going end up spending 200k+ for something that's worth nothing. you're basically gambling that your neighborhood gentrifies in the future on the landlord forums there is all kind of discussion about these "C" properties. honestly they make the most sense if you can lock in a good section 8 tenant and hit all your 50% landlord metrics. and most times that's what's happening in bad neighborhoods
even if they do want to own we have to remember there are ppl out there who can't even get approved to finance a used honda i think ppl should get their financial situation straight before worrying about buying a house. and if your situation is straight i think you need to be focusing on that 20% down payment (or maybe a 80/10/10 if you know you can get rid of the 10 in a year or two)
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