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Published 7 years ago by spaceghoti with 3 Comments

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  • NinjaKlaus
    +2

    Something they don't tell you in the article is that periodically you need to reapply or make contact with a case worker to make sure your name stays on the list, if it falls of the list you get moved to the back of the line when you realize it and then reapply. A big problem I think is the people who get the mortgage incentives deciding they'll buy that rental property across the way, slap some new paint on it and call it a newly refurbished rental for an extra 30%... this leads to rents that are crazy, in my area the average rental 2 bed and bath is closing in on 1000 a month, about 6 years ago we paid only 725 on a yr lease, a mortgage on some properties is cheaper, but most can't get the 20% down or credit to cover getting that.

    • spaceghoti
      +2

      Something they don't tell you in the article is that periodically you need to reapply or make contact with a case worker to make sure your name stays on the list, if it falls of the list you get moved to the back of the line when you realize it and then reapply.

      However, that doesn't change the underlying point that the scope of need far exceeds the funds allocated. Even if you successfully remain in contact with your case worker and keep your place on the list, that doesn't guarantee the funds will be available when your name comes up, or that the people behind you will have a better chance.

      A big problem I think is the people who get the mortgage incentives deciding they'll buy that rental property across the way, slap some new paint on it and call it a newly refurbished rental for an extra 30%... this leads to rents that are crazy, in my area the average rental 2 bed and bath is closing in on 1000 a month, about 6 years ago we paid only 725 on a yr lease, a mortgage on some properties is cheaper, but most can't get the 20% down or credit to cover getting that.

      Agreed. I'm well into my middle age and I've never been able to afford the 20% down payment for even a small home. This talk by Elizabeth Warren was given just before the housing bubble burst and I think events since then have vindicated her observations.

      • NinjaKlaus
        +2

        I agree it doesn't change the fact they need more funds, I just wanted to point out that it's never out of mind because you're required to try and keep trying over and over despite knowing it's not likely to come at all. It just adds to the hurt of the process as a whole.

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