WOW! This is why the housing market has collapsed!!! Must

[NewEngland4Obama]

see. Bush says to fund low down payments to people who can't afford itwith taxpayers money.
http://www.youtube.com/watch?v=kNqQx7sjoS8

[sandnsea]

1. No this is not, this was a good program

Selling people shitty loans is what caused the housing market to collapse. JFC people will believe any stupid-ass thing if someone blames Bush.

[uppityperson]

2. Succinct and spot on. Well stated.

Not sure if OP was sarcasm or not. It is difficult to tell with posters who I don't know.

[NewEngland4Obama]

3. If someone can't afford the down payment chances are they

can't make the payments.

[AlCzervik]

5. yes dear, the lower income folks have had it too good for too long.

[sandnsea]

7. Then how to they pay their goddamn rent

How did they make their mortgage payments for months or years, until the loan RESET. Jesus.

[Mojorabbit]

9. Actually,

I bought my home with no down payment and am comfortable financially.

[AlCzervik]

10. people like the op don't want hear that ok, they want to hear about the bad stories only

not the success ones. They want to blame someone, anyone but the market or the republicans.

[jpljr77]

11. What about younger first-time homebuyers?

Let's say a newly married couple makes $80,000 a year and wants to buy a $250,000 home. Chances are, they won't have the $50,000 for a down payment, but they would be more likely to be able to cover the $1,580 monthly payment (assuming 6.5% interest on a 30-year fixed loan).

[orwell]

4. Pizza?

Enjoy your brief stay...

[AlCzervik]

8. only if he can afford it! No help with a down payment for him.

[whistle]

6. BuShit at it's worst! Notice that Mel Martinez then Head of HUD

...had a hand in eliminating regulatory clauses from first home buyer contracts. Wow, that prick was certainly up to no good. Martinez continues to spread his toxic influence as Senator from Florida. This guy needs to be targeted and dumped as Senator.

[dipsydoodle]

12. There nothing wrong with the idea in principle

Its used in the UK under certain circumstances. Say for example a house was $200000 - buyer has 75% equity on which they pay capital and interest repayment in the form of a mortgage and rents the other 25%. When and if the house is sold the buyer gets 75% of the proceeds etc. It works. Frequently used when sale of land by a council to a developer is conditional on providing affordable housing to the local community and goes back to the eighties - in that instance the local council whatever owns the other 25% which is being rented.