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  • November 23, 2009 at 12:56 PM #486679
    all
    Participant

    One of the premises is that your monthly payment would be comparable to your rent. If you can get a deal like that bidding with FHA in an area that you like you go for it.

    November 23, 2009 at 1:13 PM #485834
    scaredyclassic
    Participant

    well, on closer inspection and advisal, the fha payment isn’t really exactly comparable to our rental. it’s getting close, though. the inertia for me is I guess that our rental is such a damned good deal and relatively stable. if our landlord was flakier or the rental price was jacked up to the price of a purchase, i guess i’d have more fire to the feet. landlord’s probably thinking, well, at least this guy pays every month, doesn’t hassle me much. maybe the fha payment would be 800 a month higher? give or take? i don’t know how my spouse puts up with me…

    ok i changed my mind since this weekend. i told her we were definitely going to buy somehting, screw it, let’s just borrow the fha limits and buy the nicest place we can find. the hell with it. I’m waiting until 2010. winter 2010. that’s my year. by that I mean, someetime between october 2010 and feb 2011. in fact, i need to stop reading this blog until then.

    November 23, 2009 at 1:13 PM #486001
    scaredyclassic
    Participant

    well, on closer inspection and advisal, the fha payment isn’t really exactly comparable to our rental. it’s getting close, though. the inertia for me is I guess that our rental is such a damned good deal and relatively stable. if our landlord was flakier or the rental price was jacked up to the price of a purchase, i guess i’d have more fire to the feet. landlord’s probably thinking, well, at least this guy pays every month, doesn’t hassle me much. maybe the fha payment would be 800 a month higher? give or take? i don’t know how my spouse puts up with me…

    ok i changed my mind since this weekend. i told her we were definitely going to buy somehting, screw it, let’s just borrow the fha limits and buy the nicest place we can find. the hell with it. I’m waiting until 2010. winter 2010. that’s my year. by that I mean, someetime between october 2010 and feb 2011. in fact, i need to stop reading this blog until then.

    November 23, 2009 at 1:13 PM #486374
    scaredyclassic
    Participant

    well, on closer inspection and advisal, the fha payment isn’t really exactly comparable to our rental. it’s getting close, though. the inertia for me is I guess that our rental is such a damned good deal and relatively stable. if our landlord was flakier or the rental price was jacked up to the price of a purchase, i guess i’d have more fire to the feet. landlord’s probably thinking, well, at least this guy pays every month, doesn’t hassle me much. maybe the fha payment would be 800 a month higher? give or take? i don’t know how my spouse puts up with me…

    ok i changed my mind since this weekend. i told her we were definitely going to buy somehting, screw it, let’s just borrow the fha limits and buy the nicest place we can find. the hell with it. I’m waiting until 2010. winter 2010. that’s my year. by that I mean, someetime between october 2010 and feb 2011. in fact, i need to stop reading this blog until then.

    November 23, 2009 at 1:13 PM #486460
    scaredyclassic
    Participant

    well, on closer inspection and advisal, the fha payment isn’t really exactly comparable to our rental. it’s getting close, though. the inertia for me is I guess that our rental is such a damned good deal and relatively stable. if our landlord was flakier or the rental price was jacked up to the price of a purchase, i guess i’d have more fire to the feet. landlord’s probably thinking, well, at least this guy pays every month, doesn’t hassle me much. maybe the fha payment would be 800 a month higher? give or take? i don’t know how my spouse puts up with me…

    ok i changed my mind since this weekend. i told her we were definitely going to buy somehting, screw it, let’s just borrow the fha limits and buy the nicest place we can find. the hell with it. I’m waiting until 2010. winter 2010. that’s my year. by that I mean, someetime between october 2010 and feb 2011. in fact, i need to stop reading this blog until then.

    November 23, 2009 at 1:13 PM #486689
    scaredyclassic
    Participant

    well, on closer inspection and advisal, the fha payment isn’t really exactly comparable to our rental. it’s getting close, though. the inertia for me is I guess that our rental is such a damned good deal and relatively stable. if our landlord was flakier or the rental price was jacked up to the price of a purchase, i guess i’d have more fire to the feet. landlord’s probably thinking, well, at least this guy pays every month, doesn’t hassle me much. maybe the fha payment would be 800 a month higher? give or take? i don’t know how my spouse puts up with me…

    ok i changed my mind since this weekend. i told her we were definitely going to buy somehting, screw it, let’s just borrow the fha limits and buy the nicest place we can find. the hell with it. I’m waiting until 2010. winter 2010. that’s my year. by that I mean, someetime between october 2010 and feb 2011. in fact, i need to stop reading this blog until then.

    November 23, 2009 at 4:49 PM #485880
    NotCranky
    Participant

    [quote=scaredycat]well, on closer inspection and advisal, the fha payment isn’t really exactly comparable to our rental. it’s getting close, though. the inertia for me is I guess that our rental is such a damned good deal and relatively stable. if our landlord was flakier or the rental price was jacked up to the price of a purchase, i guess i’d have more fire to the feet. landlord’s probably thinking, well, at least this guy pays every month, doesn’t hassle me much. maybe the fha payment would be 800 a month higher? give or take? i don’t know how my spouse puts up with me…

    ok i changed my mind since this weekend. i told her we were definitely going to buy somehting, screw it, let’s just borrow the fha limits and buy the nicest place we can find. the hell with it. I’m waiting until 2010. winter 2010. that’s my year. by that I mean, someetime between october 2010 and feb 2011. in fact, i need to stop reading this blog until then.[/quote]
    Whatever you do scaredycat, don’t trade your gold for a house.

    November 23, 2009 at 4:49 PM #486048
    NotCranky
    Participant

    [quote=scaredycat]well, on closer inspection and advisal, the fha payment isn’t really exactly comparable to our rental. it’s getting close, though. the inertia for me is I guess that our rental is such a damned good deal and relatively stable. if our landlord was flakier or the rental price was jacked up to the price of a purchase, i guess i’d have more fire to the feet. landlord’s probably thinking, well, at least this guy pays every month, doesn’t hassle me much. maybe the fha payment would be 800 a month higher? give or take? i don’t know how my spouse puts up with me…

    ok i changed my mind since this weekend. i told her we were definitely going to buy somehting, screw it, let’s just borrow the fha limits and buy the nicest place we can find. the hell with it. I’m waiting until 2010. winter 2010. that’s my year. by that I mean, someetime between october 2010 and feb 2011. in fact, i need to stop reading this blog until then.[/quote]
    Whatever you do scaredycat, don’t trade your gold for a house.

    November 23, 2009 at 4:49 PM #486422
    NotCranky
    Participant

    [quote=scaredycat]well, on closer inspection and advisal, the fha payment isn’t really exactly comparable to our rental. it’s getting close, though. the inertia for me is I guess that our rental is such a damned good deal and relatively stable. if our landlord was flakier or the rental price was jacked up to the price of a purchase, i guess i’d have more fire to the feet. landlord’s probably thinking, well, at least this guy pays every month, doesn’t hassle me much. maybe the fha payment would be 800 a month higher? give or take? i don’t know how my spouse puts up with me…

    ok i changed my mind since this weekend. i told her we were definitely going to buy somehting, screw it, let’s just borrow the fha limits and buy the nicest place we can find. the hell with it. I’m waiting until 2010. winter 2010. that’s my year. by that I mean, someetime between october 2010 and feb 2011. in fact, i need to stop reading this blog until then.[/quote]
    Whatever you do scaredycat, don’t trade your gold for a house.

    November 23, 2009 at 4:49 PM #486507
    NotCranky
    Participant

    [quote=scaredycat]well, on closer inspection and advisal, the fha payment isn’t really exactly comparable to our rental. it’s getting close, though. the inertia for me is I guess that our rental is such a damned good deal and relatively stable. if our landlord was flakier or the rental price was jacked up to the price of a purchase, i guess i’d have more fire to the feet. landlord’s probably thinking, well, at least this guy pays every month, doesn’t hassle me much. maybe the fha payment would be 800 a month higher? give or take? i don’t know how my spouse puts up with me…

    ok i changed my mind since this weekend. i told her we were definitely going to buy somehting, screw it, let’s just borrow the fha limits and buy the nicest place we can find. the hell with it. I’m waiting until 2010. winter 2010. that’s my year. by that I mean, someetime between october 2010 and feb 2011. in fact, i need to stop reading this blog until then.[/quote]
    Whatever you do scaredycat, don’t trade your gold for a house.

    November 23, 2009 at 4:49 PM #486738
    NotCranky
    Participant

    [quote=scaredycat]well, on closer inspection and advisal, the fha payment isn’t really exactly comparable to our rental. it’s getting close, though. the inertia for me is I guess that our rental is such a damned good deal and relatively stable. if our landlord was flakier or the rental price was jacked up to the price of a purchase, i guess i’d have more fire to the feet. landlord’s probably thinking, well, at least this guy pays every month, doesn’t hassle me much. maybe the fha payment would be 800 a month higher? give or take? i don’t know how my spouse puts up with me…

    ok i changed my mind since this weekend. i told her we were definitely going to buy somehting, screw it, let’s just borrow the fha limits and buy the nicest place we can find. the hell with it. I’m waiting until 2010. winter 2010. that’s my year. by that I mean, someetime between october 2010 and feb 2011. in fact, i need to stop reading this blog until then.[/quote]
    Whatever you do scaredycat, don’t trade your gold for a house.

    November 23, 2009 at 8:39 PM #485915
    Adebisi
    Participant

    With FHA, you can get a 6% kickback from the seller, so your downpayment and closing costs would likely be covered. Since there would likely be no up-front payment, if the monthly payment is close to equivalent rent, you essentially have a free call option on any appreciation.

    Hold the house for a couple of years and if it depreciates, stop paying the mortgage and wait for the government to kick you out. With any luck, there will be some defect in the mortgage and the government will never be able to kick you out and you’ll get a basically free house. Alternatively, you might be able to get the government to reduce your payments/principal. At the very least, you’ll be able to live housing-payment free while you wait to get evicted. If you do end up getting evicted, rent for a couple of years and then try again.

    The problem with the system today is that shenanigans like this make economic sense even though it’s morally shitty.

    November 23, 2009 at 8:39 PM #486083
    Adebisi
    Participant

    With FHA, you can get a 6% kickback from the seller, so your downpayment and closing costs would likely be covered. Since there would likely be no up-front payment, if the monthly payment is close to equivalent rent, you essentially have a free call option on any appreciation.

    Hold the house for a couple of years and if it depreciates, stop paying the mortgage and wait for the government to kick you out. With any luck, there will be some defect in the mortgage and the government will never be able to kick you out and you’ll get a basically free house. Alternatively, you might be able to get the government to reduce your payments/principal. At the very least, you’ll be able to live housing-payment free while you wait to get evicted. If you do end up getting evicted, rent for a couple of years and then try again.

    The problem with the system today is that shenanigans like this make economic sense even though it’s morally shitty.

    November 23, 2009 at 8:39 PM #486456
    Adebisi
    Participant

    With FHA, you can get a 6% kickback from the seller, so your downpayment and closing costs would likely be covered. Since there would likely be no up-front payment, if the monthly payment is close to equivalent rent, you essentially have a free call option on any appreciation.

    Hold the house for a couple of years and if it depreciates, stop paying the mortgage and wait for the government to kick you out. With any luck, there will be some defect in the mortgage and the government will never be able to kick you out and you’ll get a basically free house. Alternatively, you might be able to get the government to reduce your payments/principal. At the very least, you’ll be able to live housing-payment free while you wait to get evicted. If you do end up getting evicted, rent for a couple of years and then try again.

    The problem with the system today is that shenanigans like this make economic sense even though it’s morally shitty.

    November 23, 2009 at 8:39 PM #486542
    Adebisi
    Participant

    With FHA, you can get a 6% kickback from the seller, so your downpayment and closing costs would likely be covered. Since there would likely be no up-front payment, if the monthly payment is close to equivalent rent, you essentially have a free call option on any appreciation.

    Hold the house for a couple of years and if it depreciates, stop paying the mortgage and wait for the government to kick you out. With any luck, there will be some defect in the mortgage and the government will never be able to kick you out and you’ll get a basically free house. Alternatively, you might be able to get the government to reduce your payments/principal. At the very least, you’ll be able to live housing-payment free while you wait to get evicted. If you do end up getting evicted, rent for a couple of years and then try again.

    The problem with the system today is that shenanigans like this make economic sense even though it’s morally shitty.

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