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Prior to buying my house, the realtors kept telling me I was "qualified" for
much more expensive homes than the homes I was looking at. They almost
refused to show me the less expensive homes. I had to say "bye!" and start
to walk out before they got the hint.
Anyway I stuck to my guns and bought something which I could afford *and*
have extra money left over each month. Also I insisted on a fixed rate
mortgage.
I can see where people with little will power (being polite to realtor, not
wanting to "offend" them, etc.) could get themselves in a heap of trouble!
"WDS" wrote in message
>
> Actually, the first thing I thought of is "Why did anyone loan them
> the money?" In this case ...
>
> "...the loan agent inflated their income to qualify them for the
> financing."
>
> which I'd think is some kind of fraud.
>
> What really needs to be done is that anyone purchasing a home should
> be required to take a couple night class on the costs of home
> ownership and purchasing that goes into things like how much home can
> you REALLY afford and what is this funky new kind of loan really going
> to cost? I thought I knew what was going on when I bought my first
> home but when it came time for closing it was rather confusing and
> rushed. Fortunately we dealt with a reputable lender and no one tried
> to scam us. Plus our realtor basically had done what I suggest
> above. When we later built a home we took several community education
> classes about building and buying and we were much better prepared.
>
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Re: Sacramento: Home losses loom
