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MommaGuy t1_ixziw7q wrote

Reply to comment by March_Latter in 22 and loosing hope for a house anytime soon. by TotalDebate6050

Bought my house when I was 22 back in 1993. Interest rates were 7-8% and you had to have a minimum of 20% and at least 3 months of payments in saving. Hubs and I had a combined hourly rate of $20 an hr. You re right about not maxing out what you are approved for. I also recommend having a “just in case” account. Just in case your hot water heater goes. Just in case you have a roof leak. Just in case your car breaks down. And your right about the prices will come down. You are already seeing it.

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March_Latter t1_ixzlgf2 wrote

I want to say it was 7.25 when I bought and the FHA allowed 10% down as it was a three family. Sold it for a massive profit in 2004 and the new owner spent a fortune remodeling it before the crash. He owned it 15 years and just covered his rehab in equity. I think I made $700 a week back then.

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MommaGuy t1_ixzpd0n wrote

We could sell the house and make a huge profit. The house is not our dream house but the location is awesome. Dead end street. Town services. And almost an acre of land. And we are only 5 miles from work. I would rather stay and keep socking money away for early retirement.

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March_Latter t1_ixzppfs wrote

I have the issue of a 3.5 mortgage and nowhere to live until prices crash. I think in the end I will buy one more house and keep my current one as an investment if I can keep more mortgage rate.

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