Getting a loan for a condo, as a student

[LS2JSTS]

Originally Posted By: CivicFan
Originally Posted By: LS2JSTS
Seperating school funding from being directly tied to home assessments and tax revenues wold be a great first step.


Property taxes are a self-segregation strategy. Based on the rates, it keeps out certain demographic groups.

Education tied to property taxes plays a similar role where the higher earning households obtain better education resources.


Hogwash to the "institutional racism" garbage.

ANY person, regardless of religion or race can buy a home in ANY neighborhood, if they have the means to do so. If they have the means and can prove otherwise, if they can prove they have been discriminated against. Then all involved will be in a world of hurt with the Feds.

 

[CivicFan]

Originally Posted By: LS2JSTS
Originally Posted By: CivicFan
Originally Posted By: LS2JSTS
Seperating school funding from being directly tied to home assessments and tax revenues wold be a great first step.


Property taxes are a self-segregation strategy. Based on the rates, it keeps out certain demographic groups.

Education tied to property taxes plays a similar role where the higher earning households obtain better education resources.


Hogwash to the "institutional racism" garbage.

ANY person, regardless of religion or race can buy a home in ANY neighborhood, if they have the means to do so. If they have the means and can prove otherwise, if they can prove they have been discriminated against. Then all involved will be in a world of hurt with the Feds.


Where did I mention racism? This is economical self-segregation as you rightfully agreed.

 

[Al]

Originally Posted By: LS2JSTS

Sorry, maybe I wasn't clear enough. Not all college kids are broke, although I agree a mountain of debt CAN be a bad thing it doesn't make it neccesarily so. All depends on the financial situation that person finds themselves in, doesnt it?

Yea, I understand.

I guess its just a matter of determining which area you want to go in debt for. I am an anti-debt person. The country is awash in debt from homeowners, municipalities, to State Governments, to the Fed. I see no way out of it.

 

[LS2JSTS]

Short term debt that leads to a long term profit is bad?

Being anti debt is fine if thats what you believe in. But it ignores the millions of people who understand debt and properly manage it as the financial tool that it is. Just because some can point to a number of people or entities that DONT properly manage their debt, doesn't detract from the fact that it is still the single best way to break through one social level to another. Properly managed debt is an invaluable tool for building wealth in a less risky manner than one would otherwise have to take. Debt CAN insulate your real wealth from loss, if you know what your doing.

Saying "debt is bad" is a generalization that may be popular in todays climate...but it's about as accurate as saying you dont like guns because they kill people. Last time I checked it was PEOPLE that made bad decisions, not the idea of debt in general.

 

[pottymouth]

Have you spent much time in AZ? I would never purchase without spending a couple years in a new area to make sure it is where I want to be.

I have a very close friend who moved to Scottsdale in '96. He was super excited about getting away from cold winters. He was already working for a few years at this point and considered buying but cose to rent instead. After year he decided he hated it there and moved back. If he had bought, he would have lost money and been far less mobile to take the job that brought him back.

Don't put down roots unless you have some experience in the area. As has already been said, there is no guarantee that this is the bottom of the market.

Also, I too don't see how you will qualify for a mortgage without proof of income. The days of stated income are over.

 

[Al]

Originally Posted By: LS2JSTS
Short term debt that leads to a long term profit is bad?

Being anti debt is fine if thats what you believe in. But it ignores the millions of people who understand debt and

Yup that's what I believe in bc there are usually better and safer alternatives (if we want to revert back the actual subject of this thread) Seen it over and over and over in my 65 years.

 

[Mr Nice]

Cool your horses, absolutely NO need to buy a property at this point in your life. You are young and will be making very good money in the near future, take your time when looking for a place to buy.

Unlike the millions of 'cash poor' Americans who bought property they couldn't afford, you will be able to buy a nice home for half the price these idiots paid during the boom.

Any reason why you like Arizona so much ?

 

[tonycarguy]

This discussion is all mute because he won't qualify for a loan. I know people in far better shape than him, with years of documented income, 775 fico, 45% down payment, and STILL couldn't get a loan. They had to up the down payment to 60%, and even then some banks rejected them. Eventually they found a bank though.

I also know someone with no income, 800+ fico, and putting down 70% and was rejected by every lender. Why is beyond me.

The underwriting is ridiculous now

 

[rshunter]

Originally Posted By: LS2JSTS
Seperating school funding from being directly tied to home assessments and tax revenues wold be a great first step.

It'll never happen. Too many suckling on that home-owner funded teat...

 

[rshunter]

Originally Posted By: CivicFan
Property taxes are a self-segregation strategy. Based on the rates, it keeps out certain demographic groups.

Education tied to property taxes plays a similar role where the higher earning households obtain better education resources.


Originally Posted By: CivicFan
Where did I mention racism? This is economical self-segregation as you rightfully agreed.


Bull, on both counts. Property cost is the primary factor in who can reside in a given area. Property taxes, beyond New Jersey level absurdities, are at best a secondary means of "narrowing the field" in most people's decision.