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Old 11-18-2014, 01:20 AM   #1
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40% down for mortgage in 2015?????

My brother told me a new law means folks have to put 40% down on a house soon.

He wants me to find out if this is true.

If it is true- we are getting closer to pay day. It also means rentals will be big.
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Old 11-18-2014, 09:00 AM   #2
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Currently, banks make these loans and immediately sell them to a government agency such as Fannie Mae. Without government programs, incentives, and interference there would be no such thing as a 20% down, 30 year mortgage. There is simply to much interest risk involved for a lender to make such a long term contract. If the government backs out of the mortgage world like some wish, we will move to larger down payments and shorter mortgages.
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Old 11-18-2014, 10:28 AM   #3
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We are not so far removed from a time where fifty percent down was common, and the bank held the note for only five to eight years. Actually, it is far better for them if the buyer has more skin in the game rather than less. For my current home, I put in fourteen months of sweat equity, along with fifteen percent down in order to get the homeowner to hold the paper instead of a bank. I have been in the very unusual situation within which I am partners with the husband of the woman I did the deal with, and we made the deal without his involvement on any level. Now, 16 years later, I am six months away from paying off my 25 year mortgage. That is the end result of my wife miscalculating our payment for fifteen of those years, and overpaying by a significant amount. We found out early last year that we had shaved nearly ten years off our contract. The lady I bought it from was not too happy, since she had been counting on the steady income, but she is resigned to the fact now, so cest la vie.

When I see my associates splashing out on three hundred thousand dollar houses, that are too large for them and cost way, way more to heat and cool than my 1,400 s.f. cracker house, I want to grab them and slap some sense in to them. One guy I know bought a 3,800 s.f. monster of a house that uses over 500 a month in electricity, and a lawn that consumes fifteen thousand gallons a month to water. That my friends is the definition of stupidity. My power bill averages 190 in the summer and 85 in the winter.
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Last edited by ancona; 11-19-2014 at 07:33 AM.
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Old 11-18-2014, 08:55 PM   #4
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I am one person, and can only be on one room at a time- from here I can see 3 rooms, 2 others and the room I am in.

Just because you have a big house does not mean you have to heat- cool and light all of it.

congrats on your mortgage Mark
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Old 11-19-2014, 01:55 PM   #5
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hey ancona,
the over payment error is cool.
Good job you noticed before you overpayed for a few years.

What happened to the wreck next door that you tried to purchase ?
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Old 11-19-2014, 03:23 PM   #6
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I helped a friend of a friend buy it. He sunk eight large in to it and brought it back to life. Now, the guy cuts my grass for free. In exchange, I let him go on job walks with me before I tear down a structure so he can root around and salvage fixtures and stuff. That's how he fixed up all his electrical in the house. We got a 200 amp Square D panel full of breakers, miles of wire and outlets, switches galore. He also got a nice cast iron claw tub and had it re-enameled for about the cost of a nice commercial tub, but far nicer. We scored some neat wall mounted brass handles for the shower and tub that have porcelain grips on the "X" shaped handles.

All in all it worked out quite well for all involved. It's actually been quite fun, what with the "easter egg hunt" methodology of the salvage operation and all.
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Old 11-19-2014, 03:37 PM   #7
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Thats one thing I like about message boards- there is not follow up at times.

This cold is brutal. If you havent seen the extreme snow in NYS- look.
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Old 11-22-2014, 05:32 PM   #8
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...some yrs ago- I wanted my brother and I to buy a 49 unit building- he agreed- then backed out- I was mad at him a few months- I then found a partner and was to get a finders fee- well that guy screwed me.. 2 yrs later I seen he was trying to sell that same building- no luck. This week it was bought at a tax sale. So he screwed me and ended up screwed. No one places that into service because the city code acts like they own it. I have a buddy who has a commercial property in that town- he was told by code if he so much as pounds a nail in w/o a permit- he will be put in jail- so that property sets in disrepair. Already the new owner has the mayor and the code office making statements to the press... no wonder we have blight.

Then in Scranton they just sold a bunch of houses at tax sale- the owners never notified- and they owed no taxes at all.
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