LogFAQs > #965623725

Suolevram posted...

Maybe you aren't aware of all the programs that they have in place to assist people in becoming homeowners like 0% down amongst many other things. Maybe the 0% down is no longer a thing however there are multiple programs people can use to help them become a homeowner. It's up to them to look into it. That is how I was able to get a house I did my research and found It's not nearly as difficult as some make it out to be.

Or throw a pity party, up to you.

I've been looking into buying my first home.
The barrier to entry is ridiculous.
With 0% down it greatly increases monthly payments, on top of making qualifying much harder.
I qualified for the loan I wanted ($350,000 at 4.5%) but because I didn't qualify for $350,000 at 7.5% they couldn't approve my loan.

Not to mention exorbitant rent costs are making it so the majority of people aren't able to save up for a down payment because anything that would have been "extra" 5 years ago, is now barely enough.

The housing/rental market is a joke right now and anyone in the industry will tell you the same.

Rent to own isn't even an option in my area as you still have to qualify for a regular mortgage, as well as have a yearly income of $70,000+

Ridiculous.
Edit: I forgot to mention that thr bank even LOOKING at your credit score lowers it.(which is the dumbest thing in existence) Making it even harder.