• Privacy Policy
  • Thrift Store Finds
  • Fresh From The Farm
  • Craft Projects
    • Pinterest Party
    • Aprons
    • Quilting
    • Fabric
    • Sewing
    • Tutorials
    • Beads
    • Crafts
    • Jewelry
  • Shop & Support Me!
    • Shop Gluten Free on Amazon.com
    • Shop Omaha Steaks
    • Schwan’s Home Delivery on Amazon.com
    • Maryland Crabs
  • Book Shelf
    • Adult Fiction
    • Children’s Books
    • Cookbooks
    • Craft & Sewing
    • Gardening
    • Non Fiction
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Good food, good company, good advice from Grandma

  • Home
  • Contact
    • About
      • About My Header
    • Hi, PR. What can I do for you?
    • Disclosure
    • Giveaway Rules: Please Read Them
    • Privacy Policy
    • Follow Me! Social Media Links
    • Recognition & Awards
    • FabGrandchildren
  • Gluten Free
  • The House
    • Getting Pre-Approved
    • Finding The One
    • The Loan Application
    • Closing The Loan
    • Fixing It Up
    • Thrift Store Finds
    • The Yard & Garden
  • Local
  • Travel
    • Campground Reviews
    • Hotel & Motel Reviews
    • Places I Want To Go
    • Alabama
    • Arizona
      • Colorado river
      • Grand Canyon
      • North Rim
    • Arkansas
    • California
    • Colorado
    • Florida
      • Amelia Island
      • Destin
    • Georgia
      • Atlanta
      • Helen
      • Marietta
      • Savannah
      • The Golden Isles
    • Louisana
    • Maryland
    • Mexico
    • Mississippi
      • Tunica
    • Missouri
    • Nevada
    • New Mexico
    • New York
    • North Carolina
    • Oklahoma
    • Pennsylvania
    • Tennessee
    • Texas
    • Utah
    • Virginia
      • Richmond
  • Health
    • Atherosclerosis
    • Chronic Pain
    • COPD
    • Fibromyalgia
    • Ostomy Life
    • PTSD
    • Rosacea
    • Skin Cancer
    • Sleep Apnea
    • Type II Diabetes
  • Recipes
    • Re-Create The Recipe
  • Gift Guides
    • 2016 Holiday Gift Guide
      • 2016 Holiday Gift Guide Sponsors
    • 2015 Holiday Gift Guide
      • 2015 Holiday Gift Guide Sponsors
    • 2014 Gift Guide
    • 2013 Holiday Table Gift Guide
      • Sponsors For Our 2013 Holiday Table Gift Guide
    • 2013 Family Gift Guide
      • 2013 Family Gift Guide Sponsors
    • 2012 Grandma’s Gift Guide
  • Fashion
  • Show Search
Hide Search

I Do Not Understand

Karen · 10 Comments

Share
Tweet
Pin
Share
0 Shares
a cute little house in Georgia

In the winter of 2008-2009, we decided to start looking for a house to buy in the West Georgia area. As we were looking through the listings online, we found hundreds of houses like we want: 2 bedroom, 1 bath frame ranch on 2-5 acres, for under $40,000.  But just try to buy one! We have been told that because we live in an RV, we have to buy a house as a second home. REALLY!?  That means, instead of paying $1,000 or so for a down payment and the closing costs, we will be required to pay 20% down. And because we live in the RV, and we would be buying that little house as a second home, we would not be able to take advantage of that tax credit they were offering last year.

Yesterday, we were told by a bank that because we don’t have any income in Georgia, they could not approve a loan for us, even though we qualified for the loan in every other aspect. And then today, I learned that banks won’t finance a property that is priced at under $50,000. A lender even asked me if we were willing to pay more so that we could get financed! I could not believe my ears!

Since we as a nation have just been through foreclosure hell, with lots of people losing their homes because they couldn’t afford to make the payments, doesn’t it just make sense to look for something that will not put pressure on the bank balance to buy?   If we, as the buyers, have decided that we want our payment before taxes and insurance to be $200 or less, why would a lender suggest that we buy something more expensive? Isn’t that what got the housing industry into so much trouble? And yes, we COULD afford a higher payment, but we do not want to be strapped in the not too distant future when we are on a fixed income. It’s called Financial Planning, people.

And yes, I COULD pay 20% for down payment, but I don’t want to. Why should I sink all of my available cash into buying a little house? As much as I would like to have a place to go to in the off season, it just doesn’t make financial sense to me to do that.

So, how are people buying these little houses? How are they getting financed? or are all of them just sitting there empty while would be buyers are closed out of the housing market?

Share
Tweet
Pin
Share
0 Shares

Filed Under: General, Georgia Tagged With: Georgia, home, house

Reader Interactions

Creative Fabrica

Comments

  1. dee says

    October 14, 2010 at 10:27 am

    and i heard this is to last at least another 2 years ……

    Reply
  2. Froggi Donna says

    October 14, 2010 at 9:22 am

    Unbelievable!!! Shared on Facebook and will share in our blog…we need to get some outrage going about this.

    Reply
  3. Freely Living Life says

    October 14, 2010 at 9:43 am

    Seriously? Unbelievable is right. I’m at a loss for words and I certainly don’t understand this at all either! =(

    Reply
  4. Ali Workentin says

    October 14, 2010 at 2:30 pm

    Hi Karen

    What a crazy thing ~ are the owners able to carry the financing? Just a thought. It is definitely a cute house ~ hope you can make it work for you.

    Reply
  5. geogypsy says

    October 14, 2010 at 2:33 pm

    With that happening, I guess I’ll never be able to afford a “second home.”

    Reply
  6. Judy Bell says

    October 14, 2010 at 5:17 pm

    That sucks…big time!

    Reply
  7. Michael says

    October 14, 2010 at 5:32 pm

    There ya go… Karen. You got my vote for president… Maybe someone should just slap those bankers the first time they say things like that… Hold em’ down and wash their mouth out with soap!

    Reply
  8. Marcie says

    October 15, 2010 at 9:43 am

    It won’t be long before the term “American Dream” has been totally forgotten.

    Reply
  9. Cyndi Budhi says

    October 15, 2010 at 1:25 pm

    this is really hard to believe. Don’t understand the reasoning at all. If you pass the credit check and income status i don’t understand why you couldn’t buy a home. Jut makes no since. You might want to check out auction.com from what I can tell i wouldn’t think that would apply with their program and you can get pre-qualified for loans so if you don’t use it all oh well!

    Reply
  10. R6 lady says

    October 22, 2010 at 5:18 am

    Inside every cynical person, there is a disappointed idealist

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Food Advertising by logo

Become A Fab Follower: Sign Up To Follow Me By Email

Subscribe to my e-mail list

* indicates required

…

Amazon Gift Cards

Target
Food Advertising by logo

Fabgrandma Privacy Policy

Privacy Policy

My Most Popular Posts

Search Fabgrandma

Get Inexpensive Bi-focals! Mine were under $50!

Amazon Deals!

My Wish List--Buy Me Something, You Know You Want To!

Read All My Old Posts!

Chat Line Numbers - Find someone interesting to chat with.
AffordablePapers.com
- get your essay written for cheap.
logo
Food Advertisements by
5da9b20f7a316311281de415f3ef83ad-332

© 2021 · FAB GRANDMA · ALL RIGHTS RESERVED

Find Your Influence
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Reject Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.