Scott & I found this quick blurb about the new mortgage rules interesting....
(click to listen): (its only 3 min) ...Morning Edition (NPR), New Mortgage Rules
One extreme to the other...first we'll give you all kinds of money for a property that doesn't have "real value", for no risk on your behalf, & THEN we'll make it virtually impossible for you to buy a home because you can't save enough money due to the expense of inflating prices in every aspect of your life... Really, how many people can save 40-45,000 for a 20% down payment? If you're poor, they'll help you w/ government programs, which is great, and an incentive .... but what about the "middle class" work hard, get screwed.
I didn't personally think making it any harder to acquire a mortgage would be possible....I was wrong. How does this help the market/economy improve?
As they say with everything, moderation.
Getting off my soap box now.
So sorry for this frustrating and aggravating development. Don't let it stop you... or diminish your joy and satisfaction. You have done an amazing job! The finances will fall into place, eventually...
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