|Re: Home Purchasing Credits||<– Date –> <– Thread –>|
|From: Elizabeth Magill (pastorlizmgmail.com)|
|Date: Fri, 17 Aug 2012 10:01:32 -0700 (PDT)|
On the first home I bought (in Maryland) I borrowed $1000 downpayment from my parents and went from paying $950 per month in rent to paying $850 for the mortgage. That was BEFORE including the rebate I got on my taxes from the mortgage interest deduction. On the second home I bought (in cohousing yippee!!) I put down $80,000 and the home is now worth less than my 80% mortgage. (Yes, I timed it perfectly with the latest mortgage crisis). I went from paying $1000 per month in rent to $2500 per month. I'm not a fan of deciding on whether other folks decision are "responsible" but surely the no downpayment one was not the greater irresponsibility!!! And I don't regret my decision, cohousing is more than worth the cost. -Liz Elizabeth Magill www.mosaic-commons.org Just five homes remaining in Berlin, MA!!! (You must be able to put 3% down of your own money to qualify: www.sawyerhill.org/40B ) On Aug 17, 2012, at 12:37 PM, Sharon Villines wrote: > > The important point is that having a downpayment is not what determines > whether a buyer is capable of making a mortgage payment or being a good > cohousing community member. > > Sharon > ---- > Sharon Villines > Takoma Village Cohousing, Washington DC > http://www.takomavillage.org >
- Re: Home Purchasing Credits, (continued)
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