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 - On the Road with Dave Gohl: Tractors and Farming - by Dave Gohl. I never thought I'd live to see the day, when I could call myself a farmer. What allows me to say this? Well, when our family moved to our 20 acre site near New Prague, Minnesota, I had one thought in mind. You guessed it, farm it somehow. A little history is in order. In my younger days, mom, dad and my brother made frequent visits to dad's youngest brother Pete, who took over the home farm from grandpa MIke. It was the typical set-up, milk cows, pigs & chickens. In the winter, we'd play
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For sale Farmall super A tractor is complete and has just been setting for awhile,it was running when pulled out of the barn,shouldn’t take to much to get it going asking 1100.00
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