Quote:
Originally Posted by PowerPlayoffs06
This kinda screws my wife and I over. We were just looking to get our of our small one bedroom apartment and buy a home to have our first child in. We were looking for around 320k and just found out about 10 minutes ago that because of these new rules that if we don't have a firm purchase agreement before March 18th, we can only amortize for 30 years and thus qualify for about 30k less after that date. So we'd have to sell our apartment and have a finalized purchase on our own new home all within 2 months. =/
|
Or you can wait for about 6 months after the changes take effect, and hopefully a 320k house has dropped it's listing price by about 20 - 30 k since many looking to buy that house can't afford the 320k asking price.
Then you save 30,000 and you aren't getting screwed, you are getting ahead.
At the same time the property you are purchasing is getting closer to it's actual worth instead of it's inflated value due to low interest rates, and the 0 down 40 yr mortgages that caused prices to artificially inflate.