“As to my comment about entitlement, that merely comes from the tone and tenor of renterclints response to my post…”
That’s funny, we’re in some kind of loop here… I swear it was your first comment about “entitlement” that got me fired up in the first place. You rudely accused the initial poster of feeling entitled soley because he was looking into 100% financing.
The truth is I agree with most of your views on this issue. Bankers probably should not be assuming 100% of the risk in most cases(even though they often do at the moment). Homeownership IS a big responsibility, and the prospective borrower/buyer SHOULD show that he is ready to take on such responsibility.
Proof of a borrower worthiness does not soley come from their propensity to save $$. Personally, I’ve owned two homes so far, and I purchased both w/ less than 20% down, and the world did not come to an end. I just do not think it is necessary, and I do not think not having a big down means you are not worthy of getting financing. Does that really make me “entitled”? I live in crappy rentals & drive POS cars like yourself, but my situation is more like the intial poster. I have a “dead-beat” wife (hi, sweetie)& 3 kids. I do not save much, but I am still a fiscally responsible person.
When things come back to “normal” and tried & true lending practices are back (as they seem to be w/ a bullet), hopefully my meager 5 figure equity that I generated from my last home sale will likely be enough for a down-payment. If not, hopefully I’ll still find some crazy, reckless, fly-by-night outfit to finance 100% of the purchase. But I guarantee I will never miss a payment.
