Buying a house is near impossible
I gave up on the whole buying a house thing quite a while ago, figuring it would happen when it happened and Oprah came to her senses and just GAVE me a bazillion dollars because I'm like the daughter she never had. My parents were renters; they rented all through my young life because it made sense to them until one day my Grandfather said "you're going to die someday and WHAT are your kids going to have to remember you by?" So my parents went and bought a house so we'd remember them. (I was PISSED because they didn't consult me first and let me pick it out, I was eleven.)
Anyway, they are trying to fix that whole mortgage, jumbo loan, oops I can't afford my now higher interest rates loan and I was supposed to be able to refinance but it's not working out and look I'm going in to foreclosure you bastards I just want to keep my house which is in VISTA because everything west of Vista is RIDICULOUSLY EXPENSIVE, problem. From Sign On San Diego:
Federal Reserve Board Chairman Ben Bernanke suggested Thursday that Congress allow mortgage buyers Fannie Mae and Freddie Mac to buy and hold mortgages worth as much as $1 million, shattering the current loan limit of $417,000. Until now, an effort to increase the limit hasn't emerged from the Senate, with some lawmakers and housing experts arguing that it would be the wrong move. And a federal agency could actually lower the amount that can be borrowed in a conforming mortgage in 2009.
Home buyers who purchase more expensive homes must get what are called “jumbo loans” or second mortgages, both of which carry higher interest rates. In places such as San Diego, where home prices are above the national average, buyers face higher costs because of the conforming-loan limit.
It's expensive to live here, but we love it any way (we are a glutton for real estate punishment apparently).
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