How can the average American afford a down payment on house?

[Pimp]

Dumbest post possible

Nah nikka, you dumb... The crash gonna be epic

 

[CrimsonTider]

No it's not, saving the tge money and not taking any loans is a good down payment option. I can go through the list of things wrong with taking out a pension loan but I'll assume you're aware of them.

Name them? You will see this as a smart option for a down payment from any expert.

 

[Benefited]

Would you black white fakkits stop with this black people insert negative shyt please. If you do that shyt speak on yourself don't fukking generalize your own people,who you definitely don't know all of them smfh. Lastly people want to live in nice neighborhoods not where white folks live so if there happens to be white folks that's part of,the trade off but that isn't the 100 percent fact. Get off whites dikks.

Are we on a black site or white site?I don't need to hold my tongue. Doesn't it go without saying I don't mean all black people? But you are a damn liar and enabler if you don't want to discuss realistic problems that effect a big portion of the community I am referring to,which is black home buyers in this scenario. Alot of times its simply from being the first in our families to go through the experience,and sometimes its how we have been conditioned to think. I know for a fact people move where they move to get away from "nikkas". Now do I understand what they mean by that in most cases?yes,but there are blacks who want to move in lily white neighborhoods because they think its some sort of status symbol and they feel exclusive. If they wanted to move in a good black neighborhood they could,so it certainly can't be about the well being of their child. But i did in fact list good schools as a reason why many blacks move to those neighborhoods,you ignored that,I'm simply telling them where the good schools will be moved to as white people move out. The resources WILL be relocated.

Get real or stfu. Get off my dikk and say the encouraging ,enabling words you thought I should have said. We have people offering both sides of the argument,in a constructive respectful way. You came in insecure for whatever reason,thats a personal problem.

I don't give a damn what people want,I'm giving my opinion on what I think is right and whats wrong. Spending 30 years paying off your mortage and not being able to pay for your kid to go to college without taking out loans is wrong. We saw how the housing crisis effected blacks more than anybody else,so obviously we should be having a conversation as black people about this,and the traps to avoid. Which means knowing the traps the banks will try to set for you,as well as knowing your own personal limitiations.

 

[philmonroe]

Are we on a black site or white site?I don't need to hold my tongue. Doesn't it go without saying I don't mean all black people? But you are a damn liar and enabler if you don't want to discuss realistic problems that effect a big portion of the community I am referring to,which is black home buyers in this scenario. Alot of times its simply from being the first in our families to go through the experience,and sometimes its how we have been conditioned to think. I know for a fact people move where they move to get away from "nikkas". Now do I understand what they mean by that in most cases?yes,but there are blacks who want to move in lily white neighborhoods because they think its some sort of status symbol and they feel exclusive. If they wanted to move in a good black neighborhood they could,so it certainly can't be about the well being of their child. But i did in fact list good schools as a reason why blacks move to those neighborhoods,I'm simply telling them where the good schools will be moved to as white people move out. The resources WILL be relocated.

Get real or stfu. Get off my dikk and say the encouraging ,enabling words you thought I should have said. We have people offering both sides of the argument,in a constructive respectful way. You came in insecure for whatever reason,thats a personal problem.

I don't give a damn what people want,I'm giving my opinion on what I think is right and whats wrong. Spending 30 years paying off your mortage and not being able to pay for your kid to go to college without taking out loans is wrong. We saw how the housing crisis effected blacks more than anybody else,so obviously we should be having a conversation as black people about this,and the traps to avoid. Which means knowing the traps the banks will try to set for you,as well as knowing your own personal limitiations.

Im far from an enabler stupid nikka check my post history so try another bullshyt angle because I don't agree with you clown. Just speak about those who do it to those people don't bring this white person like mentality of blacks insert negative thing. That shyt is weak esp if you one of those cats that would get pissed if someone white made the same exact observation. Of course people move away from "nikkas" or being realistic "undesirables" who the fukk don't? Ole I want to be around silly folks to show I'm real ass nikkas. The point of getting money is to move to a nice neighborhood regardless of race. You said as much but you're too much of a bytch to tell them people you know to their face so you come on generalizing FOH. Lastly nobody on your dikk clown and unlike you I'd tell you to your face on this you're a fukking clown.

 

[NinoBrown]

yeah im lookin at buying houses now, i have the down payment. the thing is though, at this point in my life im only buying a two family so i can rent out one half and have them pay at least half the mortgage

when you take out a mortgage for like 250k-300k, you're paying the bank like 200k in interest plus all the property tax you pay over that time

I live in NJ breh, property taxes alone make you wanna gargle Drain-O

 

[Azul]

There a lot of things wrong with taking out a pension loan

Such as? I'm already vested into my pension, I'm in no danger of losing my career anytime soon, it doesn't lower my payout at all, no tax implications, no percentage hit, I pay myself back with interest, I pay out of my paycheck (which I don't feel AT ALL) and I'll be done paying in two years.

Meanwhile my equity is growing by the day. Tell me again what a horrible mistake I made

 

[beenz]

Just judging by the median income vs home prices by each state, I don't see how someone with normal income can save up for a down payment while struggling to pay their normal expenses and overpriced rent.

20% is impossible for most, but even 3.5% of let's say $250k is still more than the average person is able to save.

3.5% is only 7k

20% is 50k

Huge difference. My house cost just under 250k and even though I had the 20% available as cash for the down payment, I didn't want to use so much of my available liquidity for that purchase. That turned out to be a wise decision cuz 18 months later, I ended up being out of work for three months. Luckily I still had that nest egg to supplement the little unemployment I was receiving.

 

[NinoBrown]

Such as? I'm already vested into my pension, I'm in no danger of losing my career anytime soon, it doesn't lower my payout at all, no tax implications, no percentage hit, I pay myself back with interest, I pay out of my paycheck (which I don't feel AT ALL) and I'll be done paying in two years.

Meanwhile my equity is growing by the day. Tell me again what a horrible mistake I made

And it doesn't even run up your credit score...it's your pension, your rules. Get the money any way you can.

Beats dealing with cac banks who will give you shytty deals because you black

 

[Payday23]

For TN residents: THDA.org

Anywhere in Tennessee, all homebuyers who qualify for a Great Choice Home Loan can also apply for down payment assistance in the form of a Great Choice Plus second loan worth a maximum of 5% of the home's purchase price.

In 2017, approved homebuyers received an average of $7,144 in down payment assistance through the Great Choice Plus program.
HHF-DPA
If you’re purchasing a home with a Great Choice Home Loan in one of the participating ZIP Codes, you can apply for our HHF-DPA program, which offers $15,000 in down payment assistance. Other qualifications apply

Down Payment Assistance

 

[beenz]

About NACA

My buddy was trying to go through then lay year and the number of hoops they were forced to jump thru was insane. They didn't end up even getting a crib from then when it was all said and done.

 

[.r.]

My buddy was trying to go through then lay year and the number of hoops they were forced to jump thru was insane. They didn't end up even getting a crib from then when it was all said and done.

The security guard at my job who emigrated from another country went thought the same thing, and now has a two family property with 3% interest rate.
Clearly one of these wanted more than the other.

 

[Wild self]

I wont say that,but black people are horrible about trying to live in there "dream house" before its time. We move out to the suburbs in homes we can barely afford,then try to keep up with the jonses.Meanwhile young white couples moving into the hood to pay low rent,saving the excess money for early retirement. Than 10 years from now nikkas will be overpaying to live in the hood becauuse thats where all the white people at,and because thats where they moved all the resources to have better schools. When succesful black people,and couples could just live in the hood within our means.Buy cars within our means,and take the excess money and reinvest in our communitys.


I would love to have about 200K,buy some land and build a bunch of these on it.

A 10K tiny house 3D-printed in 24 hours

Wait and see how technology pans out before you overpay for houses.Your 250K house of today could maybe cost 50K one day soon.

Everyting is true, but white people aint having kids anymore. That's why they have large amounts of disposable income, on top of inherited wealth. No kids AND high paying jobs =legit play time out the ass.

 

[Wild self]

Nah nikka, you dumb... The crash gonna be epic

Yeah, its been past due for the housing market to tank. These prices are far beyond inflation as it is.

 

[Goat poster]

If you're sending them to public school: green valley ranch, anthem, summerlin. If you don't care about the school: Silverado ranch, seven hills, any area in Henderson other than old henderson. If you just want more house for your money, centennial hills. Lad Vegas has the worst schools in the country, I think it lost to Mississippi again this year.

You may want to wait for the crash prices are really high right now

Thanks for the info breh.

And I’m in Vancouver where prices are starting at a million for any house so anything is better at this point.

 

[sayyestothis]

Do people understand that if they are using their retirement assets to buy into an asset that won't appreciate that is a bad decision.

If you can't afford to buy don't buy until you can.

Shortcuts effect ur long term in ways you WOULDNT believe...

Things take time. Keep on a path. Set goals but don't take shortcuts