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February 18, 2009
House of the Day: 55 Cambridge Place
Fire sale! This four-story brick at 55 Cambridge Place in Clinton Hill just got its second major price cut, one that should put it on the radar screen of many buyers. The three-family house was listed in early December at $1,500,000 before getting cut two weeks later to $1,300,000. Then just last week the price was whacked down to $1,095,000. At a mortgage rate of 5 percent and rental income of $1,500 per rental apartment, you could be living in the owner's duplex for under $1,500 a month including taxes and insurance if you can come up with $300,000 down.
55 Cambridge Place [Warburg] GMAP P*Shark
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Comments
not that I want to buy this place, but we are definitely feeling the 20% down payment pinch. We can afford the payments on this with our income, but will probably only generate about 12-15% down payment with the sale of our co-op. We are basically stuck if we want to trade up to something larger. vent over.
Posted by: wishinone at February 18, 2009 1:20 PM
Pretty nice details and floors.
People like cornerbodega and others will be stymied as to how anyone could possibly come up with $300k downpayment though.
Posted by: daveinbedstuy at February 18, 2009 1:20 PM
...if you believe rents are going to hold at $1,500/mo in Clinton Hill when you can get a 2BR on the UES for that price these days
Posted by: thedudeabides at February 18, 2009 1:20 PM
Try and follow the logic, thedudeabides. You can't rent out part of your 2 bedroom on the UES...and the taxes will be much higher as well as the common charges...all in maybe an additional $19k or more a year. You can get $1,500 for a nice 1 BR in bed Stuy.
Better learn the math first.
Posted by: daveinbedstuy at February 18, 2009 1:24 PM
Because Bed Sty and UES are interchangeable. Better learn your market first.
Posted by: Whuh at February 18, 2009 1:27 PM
"At a mortgage rate of 5 percent and rental income of $1,500 per rental apartment, you could be living in the owner's duplex for under $1,500 a month including taxes and insurance if you can come up with $300,000 down."
And who said you were just a big out-and-out shill?
Posted by: shillstoner at February 18, 2009 1:29 PM
Wow, this could be phenomenal. The details are fantastic. I also love that the kitchen is untouched so that the new owners can redo it to their taste.
I'm really digging this one big time.
Posted by: TownhouseLady at February 18, 2009 1:31 PM
Whuh....when you can't talk intelligently about real estate finance, best not to join in at all.
Posted by: daveinbedstuy at February 18, 2009 1:31 PM
2 bedroom on the UES for $1500 a month?
You are smokin' some serious crack cocaine.
The cheapest decent 1 bedroom on the UES I've heard of (n this site last week) was $1600.
Posted by: 11217 at February 18, 2009 1:31 PM
Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles! Skittles!
The What (Taste the rainbow!)
Someday this war is gonna end...
Posted by: Return of The What at February 18, 2009 1:33 PM
shillstoner....that may not be your world, which is unfortunate, but there are plenty of people who are fiscally more responsible and can do that sort of thing.
Posted by: daveinbedstuy at February 18, 2009 1:33 PM
The obsession with skittles is because of exclusion????
Posted by: daveinbedstuy at February 18, 2009 1:35 PM
Don't get the layout. Does the top floor tenant enter thru the bedroom? And the III floor tenant have to go thru the common hallway to get to his bath?
Also, the duplex has a "dining room" and 2 liv rooms but no bedrooms? Also has to use common hallway?
Posted by: cmu at February 18, 2009 1:35 PM
I too would like to understand the "skittles" reference in this context What. Please elaborate.
Posted by: wasder at February 18, 2009 1:37 PM
11217...I would bet that anything on the UES that is less than $2,000 is on the upper, upper, upper east side. i know my place rented out for $2,500 when i sold it on E 54th St. it will still rent out at that price (doorman building so not totally apples & apples) But, you are correct. These asshats...cornerbodega, Whuh and now this dude without a clue...are really ALL without a clue.
Posted by: daveinbedstuy at February 18, 2009 1:38 PM
Dave dearest, I have far more than that in my master mattress, which is a Cal King by the way. I was not questioning the wisdowm of Brownstoner's plan, but rather pointing out what a disgusting shill Mr B is.
Posted by: shillstoner at February 18, 2009 1:39 PM
How much should we include for renovations in an "estate condition" property?
Posted by: serpentor at February 18, 2009 1:39 PM
wasder...skittles are supposedly racist as there are no black ones (or brown ones either I would guess). Yeah, lame, but go figure...its the What. There are brown M&Ms so skittles are the "code" of choice for What.
I told him to stick with his box of Crows and he didn't like that.
Posted by: daveinbedstuy at February 18, 2009 1:40 PM
Good investment strategy shill. If you had hid in treasuries you would have made a lot of money instead of stupidly leaving it all in your mattress. Hope you don't live in a crime prone neighborhood. that'd be too bad.
So why is he a shill if he's pointing out what would otherwise look like a sensible investment??????
Posted by: daveinbedstuy at February 18, 2009 1:44 PM
"skittles are supposedly racist as there are no black ones (or brown ones either I would guess)."--I have never seen a white Skittle either. I think he must have some other subtext in mind here as it makes no sense otherwise.
About the house, I think that this is a pretty decent value if there really is a nice owner's duplex to live in. Even with the rental market declining the numbers are pretty favorable on a month to month basis.
Posted by: wasder at February 18, 2009 1:44 PM
in my recent experience you need 25%-30% down to get financing for a 3-family.
Posted by: cottontop at February 18, 2009 1:45 PM
Team Bear just relax. This thing is getting better by the minute!
Allen Stanford’s Location Isn’t Known to Regulators (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aku_W6ZJr9NU&refer=home
Feb. 18 (Bloomberg) -- U.S. regulators don’t know the whereabouts of R. Allen Stanford, the billionaire accused of running a “massive, ongoing fraud” through his Houston-based Stanford Group Co., a Securities and Exchange Commission official said.
“We don’t know where he is, quite frankly,” said Rose Romero, director of the SEC’s office in Fort Worth, Texas.
And..
Stanford depositors swarm banks
http://www.reuters.com/article/topNews/idUSN1843214420090218
ST. JOHN'S, Antigua (Reuters) - Hundreds of people lined up to withdraw money from banks in Antigua and Caracas affiliated with Texas billionaire Allen Stanford, a day after the tycoon was charged with an $8 billion fraud.
The whereabouts of the brash, 58-year-old financier were unknown. CNBC television said he tried to hire a private jet to fly from Houston, the site of his U.S. headquarters, to Antigua, but the jet lessor refused to accept his credit card.
All the fraud from the collapse of the Mutant Asset Bubble is coming to light! And I think is cute how the Assheads form a Circle-Jerk. So just chill Team Bear it's just gets better...
The What (Obama is going to buy my a Unicorn with TARP money, just you wait and see)
Someday this war is gonna end..
Posted by: Return of The What at February 18, 2009 1:46 PM
What recent experience was that, Cottontop?
Posted by: mopar at February 18, 2009 1:52 PM
"People like cornerbodega and others will be stymied as to how anyone could possibly come up with $300k downpayment though."
No DIBS, more likely that the team Bear is winning.
Posted by: Gravis at February 18, 2009 1:52 PM
I'm glad some of these hedge fund fraudsters are finally wising up and fleeing the country most likely with awaiting Swiss bank accounts. it would be too bad if all of them were sooooo stupid to confess and get locked up and never have socked away a lot of this money offshore. That's really stupid. :)
Posted by: daveinbedstuy at February 18, 2009 1:52 PM
actually people, there are brown, black, AND Beige, and white skittles. they are called chocolate skittles and comes in flavors like mocha, vanilla, etc. i know my candy.
*r*
Posted by: PitbullNYC at February 18, 2009 1:52 PM
is that a landmarked approved greenpoint-awning I see?
Posted by: dittoburg at February 18, 2009 1:54 PM
Oh great, this is one of those places with an "owner's duplex" that has no bedrooms. Pass.
Posted by: mopar at February 18, 2009 1:55 PM
rob...you better tell that to the What. I don't know what this new Unicorn thang is though????!!!!!!
Posted by: daveinbedstuy at February 18, 2009 1:55 PM
mopar....I like the idea of the wrought iron porch...if they are done right they look nice but that awning is awful!!!
Posted by: daveinbedstuy at February 18, 2009 1:56 PM
mopar--I think one could make the duplex have two bedrooms if you made both of the rooms on the parlor level bedrooms.
Posted by: wasder at February 18, 2009 2:04 PM
Even if you can come up with the 300k down, it might be hard to get financing as banks will no longer consider rental income toward your net income to qualify. also i saw the house and it needs A LOT of work. all the floors are very sloped, which i would want to level, unless you don't mind your pens rolling off the desk and your bookcases toppling over on you. So I'm thinking there might be structural problems too. I would say a minimum of 600k reno, which is starting to make this look like less of a fire sale IMO.
Posted by: lucybb at February 18, 2009 2:14 PM
Good location, but there must be some serious work to be done for such a low price. Plus the listing says it's a 4 family with 3 floor through rentals and an owner's duplex (that's five floors unless the duplex includes the cellar).
Posted by: 1842 at February 18, 2009 2:17 PM
Different banks use different formulas as to how they consider rental income but you're off base to say that they don't consider it...or you just have a bad bank.
Posted by: daveinbedstuy at February 18, 2009 2:17 PM
Dave --best not to own a declining asset going into a major recession --whoops!
Posted by: Whuh at February 18, 2009 2:19 PM
"I'm glad some of these hedge fund fraudsters are finally wising up and fleeing the country most likely with awaiting Swiss bank accounts. it would be too bad if all of them were sooooo stupid to confess and get locked up and never have socked away a lot of this money offshore. That's really stupid. :)"
That's why Bubba, Ray-Ray and Big Black are going to take "Shower turns' on you Dave! I bet your Hedge Fund is a Fraud like everything else these days. Enjoy your stay at Towelbite Correctional Facility...
The What (Dave needs some skittles)
Someday this war is gonna end..
Posted by: Return of The What at February 18, 2009 2:29 PM
Whuh....learn something about portfolio theory. No one asset should be looked upon without regarding all assets within your portfolio. A residence is part of that portfolio and having flipped my condo for it I am now running net income of $12k per year (rental income -RE taxes) instead of a net outflow of $13k per year (RE taxes +CCs)...a net net positive cash flow swing of $25k a year and for the last two years that comes to $50k....my builiding has not gone down $50k in value. Can u understand any of this??? You getting ANY of this???
I guesss in your case though, your only assets are in your backpack.
Posted by: daveinbedstuy at February 18, 2009 2:31 PM
The listing says "Currently configured as owners duplex and backyard with 3 floor thru one bedroom/bath apartments"
I don't get it. Owner living on the ground floor and the basement (with no bedrooms), and renting out the parlor floor (w/ no kitchen or bedroom)?
Shillstoner's point was just that Brownstoner is being a shill by plugging a place in his neighborhood, with the same math/logic that brokers like to use "you can live in this place for practically nothing!"
Posted by: Bklnite at February 18, 2009 2:32 PM
Never had skittles What. Been there and done that with the black guys, just not in prison like you. You should meet my Marine friend. But sorry, I won't share my candy with you.
Posted by: daveinbedstuy at February 18, 2009 2:33 PM
Dave, I was told by a mortgage broker that since the credit crunch they won't consider the rental income as net income any longer unless you have already have a two year history as a landlord on another propert. Otherwise, they only consider a very limited amount. Here is the quote I was given on a property of 1.1 and 25% down. One had to show 6,333 monthly rental income (in addition to around 120k adjusted gross) to qualify for a mortgage of 825k. Obviously this property (and few others) generate that kind of income unless you are only occupying one floor. If a person makes more than I suppose they could show less rental income. Although with rental income of 3k a month (in the case of 55 CP) a person taking home 10k a month could easily afford the mortgage payment (around 5k by my estimation), the banks are being way more conservative.
Posted by: lucybb at February 18, 2009 2:36 PM
By the way Dave, I would be delighted to be proven wrong.
Lucy
Posted by: lucybb at February 18, 2009 2:37 PM
haley you stated "And to use the garden and first floor as a duplex, you have to use the common hallway to get between the two floors of your "duplex".
this is completely incorrect. i lived in a duplex with the garden as kitchen/living/dining & parlor as 2 bedrooms. no common hall issues. the parlor hallway/stair was closed off. so the we used the homes regular interior stairs to go up and down. when you go up to the parlor floor you cannot turn to get into the hallway b/c a wall was built for privacy. the tenants entered on parlor floor and went straight upstairs to their apts. we entered on the garden. completely seperate.
house is still overpriced.
Posted by: bkny at February 18, 2009 2:40 PM
lucy...I have recently worked with three different brokers and none of them have made any limitation that you have had to have been a landlord for two years to have rent qualify as income. That's absolutley ridiculous. Why should prior history have any bearing on what a future property may or may not support.
As far as your statement "Otherwise, they only consider a very limited amount." The devil is in the details...what is the limited amount you are seeing??
I have seen it range from 40-65% and I wouldn't characterize that as a "very limited amount."
If a buyer's expected rental income is make or break for a mortgage then perhaps he/she shouldn't be buying that property.
Posted by: daveinbedstuy at February 18, 2009 2:49 PM
dave, i thought the prior history clause was ridiculous too, since really it's the property not the landlord that determines profitability. but this was from manhattan mortgage, not some fly by night outfit. maybe the rules have changed since i last asked about 3 months ago. can you recommend another broker? also, lots of people in Clinton Hill and Fort Greene depend on rental units to help cover their mortgage. I don't think I'm suggesting anything unusual or particularly risky.
Posted by: lucybb at February 18, 2009 2:55 PM
lucy....contact Adam Dahill...his details are on his profile here...search his name or "mortgages" here or in the Forum and you're bound to find him.
Posted by: daveinbedstuy at February 18, 2009 2:57 PM
No, I don't think its particularly risky even with all the hand wringing going on here by some of the posters who are saying (wishing & hoping) that rents are falling.
Posted by: daveinbedstuy at February 18, 2009 2:59 PM
Lucy- Dave is right. I just got to the bottom of the thread. I got stuck on the skittles references.
On a conference call right now. I'll go into more details later.
Posted by: Adam Dahill at February 18, 2009 3:02 PM
Is that the same piano we always get to see in empty parlor floor pictures? If you're going stage with just a piano, put in some glasses and a shaker to give it a Cole Porteresqe feeling.
Posted by: DeLepp at February 18, 2009 3:03 PM
DeLepp...you do know what's better than roses on your piano don't you??
Posted by: daveinbedstuy at February 18, 2009 3:10 PM
If this is a nice block I think this price is getting close to something rational. I would not go higher than 999 so as to avoid the mansion tax. This is a nice wide house. More room than most people need so a rental unit would be fine.
I wouldn't put in two rental units, I think that takes away from the private house feel of a place.
The condition looks pretty good to me. naturally you would redo the kitchens and baths, worth thinkng about.
Posted by: sam at February 18, 2009 4:03 PM
"At a mortgage rate of 5 percent and rental income of $1,500 per rental apartment, you could be living in the owner's duplex for under $1,500 a month including taxes and insurance if you can come up with $300,000 down."
But excluding move-in renovation (starting with that Bensonhurst awning - my God) and maintenance costs.
Median Household Income for Clinton Hill = $100K/yr (generous)
Rental Income = $1,500 x 3 x 12 = $54K/yr
Total Income = $154K/yr
3 X Total Income = $462K
And that's before renovation. Okay, tweak the income and ratio numbers. Still, maybe $600K to $700K. But there's still fools out there so it'll go for, as dave always says, within 10% of ask.
***Bid half off peak comps***
Posted by: Brownstones Half Off at February 18, 2009 4:22 PM
Sigh. But Wasder, then you wouldn't have a parlor or a dining room. Only a very ugly and depressing "family room" off the kitchen. Not to mention the bedrooms will be uncomfortable with the 300-foot ceilings. I hate this kind of lack of spatial integrity that genius writer was complaining about in Carroll Gardens.
Posted by: mopar at February 18, 2009 4:27 PM
Sloping floors -- roll away.
Posted by: mopar at February 18, 2009 4:31 PM
I hear you mopar but that is the nature of the beast with garden/parlor duplexes. What should be the parlor must be a bedroom unless the kitchen is on the parlor level. There just aren't too many ways to configure a setup like this which is why most people prefer the triplex with one rental unit config.
Posted by: wasder at February 18, 2009 4:45 PM
Great 60's kitchen. Love that it's intact. Although, I guess for the price the buyer will not.
Posted by: Heather at February 18, 2009 5:18 PM
"So why is he a shill if he's pointing out what would otherwise look like a sensible investment??????"~dibs
because only an idiot of the highest degree would still talk about investment and real estate. Oh wait, I forgot for a second that it was dibs speaking...
Posted by: cornerbodega at February 18, 2009 5:41 PM
"People like cornerbodega and others will be stymied as to how anyone could possibly come up with $300k downpayment though."~dibs
more one of a kind commentary from a guy who speculated in the ghetto. Hahhahahaha. You're the topic of jokes all around the city and here you are talking economics. Whats the word on fringe speculative properties? 50%+ down. OUCH!
Posted by: cornerbodega at February 18, 2009 5:45 PM
"I have seen it range from 40-65% and I wouldn't characterize that as a 'very limited amount.'"
I would. Especially that 40% limit of the range. And when rents finish their decline this summer, it'll only be a drop in the bucket towards the affordability calc.
"If a buyer's expected rental income is make or break for a mortgage then perhaps he/she shouldn't be buying that property."
The same thing said differently: At least 3 out of every 4 brownstone "owners" who bought within the last five years will be broken.
Rent is always paid on time and only goes up!.
***Bid half off peak comps***
Posted by: Brownstones Half Off at February 18, 2009 5:52 PM
Great block and the house has nice floors & some details but how is it 3 floor thrus and an owner duplex? Guess they are counting the cellar. Can one remove that horrendous awning legally? It really destroys what could be a nice brick facade.
But holly Skittles that is one heck of a price cut don't you think ? DIBS what do you make of this? (27% and counting). And this is a real nice block in Clinton Hill right? Where is Ms Muffet when you need her? Funny thing is this place still appears expensive by @ least another $100K which begs to question how much is 51 Cambridge Place worth now? Remember that Shahn Anderson gutted property a few doors down (recent HOTD).
Yep not the end of the world but this sure signals the bears have it right in our opinion. Too many folks here just 6months ago were vehemently saying such a thing will never happen here right Sebb? Honest question, how long do you folks think such a trend will continue?
Posted by: pierre de taille at February 18, 2009 6:00 PM
this one is certainly better than #51 two doors down. at least this one has floors and walls and running water and electricity and doesn't have trash piled up outside. the money from the sale of this one, i heard, is going to howard university in dc which will help someone go to college. this one is a MUCH better deal.
Posted by: girlongrand62 at February 18, 2009 6:03 PM
Ah, got it, Wasder. Thanks.
Posted by: mopar at February 18, 2009 6:08 PM
"Honest question, how long do you folks think such a trend will continue?"
Dunno exactly but it will last at least five years. The 90's "L"-shaped collapse lasted that long. And those were the good ole days.
Prevailing asks are absurd and supported by a dwindling herd of sheep. Anybody paying anything near 'em will be very regretful.
***No bottom until NY Case-Shiller YOY passes through zero***
Posted by: Brownstones Half Off at February 18, 2009 6:11 PM
Before 5 years is up rents will be back in the 500's for places like this as well as UES. Unemployed and underemployed people cannot pay $1500/month in rent. The new banking rules are already expecting this right here in our area so that is why they will not allow you to count rents in your mortgage, because chances are you may not even have renters in a few years. Of course some of you seem to think this is still 2007. Buy away!
Posted by: williamsburgguy at February 18, 2009 6:47 PM
You can buy a multi family with 10% down and 75% of rental income will count as income in addition to your salary.
Not saying all banks will do it, but some will.
I had 2 different ones offer me the same package (I just bought a 4 fam bldg with 10% down and 75% of 3 rental units counting toward overall income).
Posted by: christopher at February 18, 2009 6:55 PM
Adam Dahill is a Choad Sucking Asshat that bottom feeds on Brownstoner! Adam you don't have the magic product for this property you lying Asshead!
Team Bear:Encourage the Asshat to take 300k and sink it into the hellhole!!! Please just do it and don't be a poser, just follow your fellow retards into the abyss!
Fed's Evans: Economy shrinking at disturbing pace
http://www.reuters.com/article/newsOne/idUSTRE51H5N520090218
ROCKFORD, Illinois (Reuters) - The U.S. economy is still contracting at a "disturbing" pace, underlining the need for more stimulus even with interest rates already set near zero, a top Federal Reserve policy-maker said on Wednesday.
"We likely are in for a protracted period of poor economic performance," Chicago Fed President Charles Evans said in a speech on the economic outlook to the Rockford Chamber of Commerce in Rockford, Illinois.
Team bear trust me you will be ROTFLYMMFAO this fall.....
The What
Someday this war is gonna end...
Posted by: Return of The What at February 18, 2009 6:56 PM
I don't think it is really one of the nicer blocks of Clinton Hill, I think its on the borders.
Posted by: sam at February 18, 2009 7:13 PM
Girlongrand62 we just read your racist outburst from yesterday's Fort Greene thread. What happen to you? Are you okay or was that just an overly emotional moment? We hope the latter which by the way will be a lame excuse for such pathetic nonsense.
In fact we are certain that was a comment made without much thought but it still needs to be called out.
PS: we loved Fort Greene!
Posted by: pierre de taille at February 18, 2009 7:43 PM
pierre de taille, i am sorry. i just get so tired of people's subtle comments about fort greene and why it isn't a good neighborhood. sometimes, enough is enough. so, i do apologize for my rant. i am glad you called me out and do hope that you call out and boycott the new york post for including that racist cartoon with two police officers shooting a chimpanze with the words stimulus package above their heads. maybe in seeing something like that you can understand why african americans get so very upset. despite enormous progress, it always goes back to the same thing.
Posted by: girlongrand62 at February 18, 2009 8:43 PM
girlongrand62, no worries here. As we stated we suspected that was an emotional rant that doesn't reflect who you are.
We didn't see that cartoon but if what describe is true be rest assured we will not touch the NYPost again...well never really bought that stuff since its usually filled with tabloid garbage on the few occasions we've flipped thru it @ work. Heck we may even send the POST an email protesting that grotesque cartoon.
Anyways as an aside just want you to know that there are tons of folks in Manhattan who can't wait to move to Fort Greene once the market levels off a little. In fact our own family members want to come visit from Europe we've hype the hood so much. Love, PDT:)
Posted by: pierre de taille at February 18, 2009 10:59 PM
What- for someone that claims to be in the mortgage business you sure do not know anything about loans, do you? You try to insult me but all you do make yourself look like a fool. Time and time again I have to put you in the corner with the dunce hat.
Now please be quiet, Adults are talking.
Posted by: Adam Dahill at February 19, 2009 1:23 AM
Hiya Adam Lookie here!
Fees stack up for Fannie Mae, Freddie Mac borrowers
http://www.tampabay.com/news/business/realestate/article975445.ece
WASHINGTON — It's not what homebuyers, sellers and refinancers want to hear, but they need to know: Both Fannie Mae and Freddie Mac are ratcheting up their mandatory fees and toughening credit score and down payment rules as of April 1.
Most major lenders already are pricing in the higher fees, effectively raising costs to consumers immediately and reducing the impact of housing stimulus efforts from Congress and the Obama administration.
Under Fannie's and Freddie's new guidelines, even applicants who assumed that their FICO scores would get them favorable rates will be charged more unless they can come up with down payments of 30 percent or higher. For example, a buyer with a 699 FICO score who can bring a sizable down payment of about 25 percent to the table will now get hit with a 1.5 percent "delivery" fee at closing under the new guidelines.
Say goodbye Adam. No more bottom fishing...
"In fact our own family members want to come visit from Europe we've hype the hood so much. Love, PDT:)"
Thanks for the Eurotrash PDT!!! More tourist to rob...
The What
Someday this war is gonna end...
Posted by: Return of The What at February 19, 2009 7:51 AM
So now you're europhobic too. Is there any group that you don't discriminate against?
Posted by: dittoburg at February 19, 2009 8:11 AM
Perhaps I'm missing something, but if you have 25% for your down payment, why do you need to deal with Fannie/Freddie?
Posted by: SnarkSlope at February 19, 2009 10:05 AM
A simple spiral staircase and you have a private owner's duplex. Don"t you people watch This Old House?
I have never thought people should buy real estate with less than 20% down. Why are people whining about this? If you can't come up with the 20%, move on and find something cheaper. The old fashioned concept of working your way up with real estate seems to be lost on buyers today. Everyone wants to go in high.
Posted by: dt at February 19, 2009 2:56 PM
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