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Viking_Hippie@lemmy.world ⁨5⁩ ⁨months⁩ ago

Why wouldn’t get they approved?

Because banks tend not to give loans to poor people. At least not ones without predatory terms and ruinously high interest.

There’s many programs out there to help first time home buyers

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.

Often the biggest hurdle is lack of available inventory driving up the price

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.

Who do you picture buying these condos once they’re on the market

Profiteering real estate conglomerates, mostly.

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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.

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- Viking_Hippie@lemmy.world ⁨5⁩ ⁨months⁩ ago
  
  Almost anyone can get a mortgage with fair rates and zero money in their pocket.
  
  Grade A bullshit. If that was true, most people would have done it already.
  
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  - 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.
    
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    Viking_Hippie@lemmy.world ⁨5⁩ ⁨months⁩ ago
    Sounds like you’re both oversimplifying and calling anyone who can’t afford to buy a home ignorant. That’s just rude, dishonest and possibly elitist.
    
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