Just built a house this year... the deal seemed good at the time, found a reasonably priced lot (at the time) and went for it!
Lender (Countrywide) pre-approved us for $1800 per month payment. I told the loan officer that no matter what she told me I could not afford that payment, period. "But according to our calculations, you can." Nope, sorry - no sale on the huge loan for a bigger house than we need.
Built a modest house, have payments we can afford, and looking at current listings in this area - our house hasn't lost anything yet. The ones in this area that have lost value are the ones that were at $500,000 plus - and they've only dropped by $50k or so.
It just irritates me to no end that those of us who made sound financial decisions are going to have to pay taxes to bail out idiots who couldn't do the simple math to realize they could not afford the payments on their house!
They tried to sucker us into an intrest only ARM loan - only $700 per month on $200k borrowed. Read the fine print, after four years or so the payment jumps to $2400 per month and we owe more than $200k at that point... I'm glad that we have brains and know how to use them.
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Today's Featured Article - Choosin, Mounting and Using a Bush Hog Type Mower - by Francis Robinson. Looking around at my new neighbors, most of whom are city raised and have recently acquired their first mini-farms of five to fifteen acres and also from reading questions ask at various discussion sites on the web it is frighteningly apparent that a great many guys (and a few gals) are learning by trial and error and mostly error how to use a very dangerous piece of farm equipment. It is also very apparent that these folks are getting a lot of very poor and often very dangerous advice fro
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Sell 1958 Hi-Altitude Massey Fergerson tractor, original condition. three point hitch pto engine, Runs well, photos available upon request
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