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Kit@lemmy.blahaj.zone 5 months agoWhy wouldn’t get they approved? There’s many programs out there to help first time home buyers. Often the biggest hurdle is lack of available inventory driving up the price. Who do you picture buying these condos once they’re on the market?
Viking_Hippie@lemmy.world 5 months ago
Because banks tend not to give loans to poor people. At least not ones without predatory terms and ruinously high interest.
Most of which are either super expensive, require battling a Kafkaesque amount of bureaucracy or are simply means tested to the point that 5 people total are eligible to even apply for them.
And even MORE often, there are more empty buildings outside of most people’s price range than there are people looking to buy a home.
Profiteering real estate conglomerates, mostly.
Kit@lemmy.blahaj.zone 5 months ago
I encourage you to step out of the Internet bubble of hopelessness and research what it takes to achieve homeownership. Almost anyone can get a mortgage with fair rates and zero money in their pocket. There’s much more oversight than you’d expect to ensure that poor people aren’t taken advantage of in the ways you described. There’s even great programs to reduce interest rates and eliminate down-payments for low-credit low-earners if they take a free class that teaches them about homeownership. You might benefit from that.
I think the biggest problem is a lack of education on the subject. People see that they don’t qualify for the types of loans their parents got and thus think that homeownership is impossible for them. Thus they throw money away on ever-increasing rent instead of locking into the same monthly payment with a mortgage.
Viking_Hippie@lemmy.world 5 months ago
Grade A bullshit. If that was true, most people would have done it already.
Kit@lemmy.blahaj.zone 5 months ago
As I said, people just aren’t educated on the subject. I bought my first home with literally zero cash just a few years ago.