Yes, if you are making minimum wage, even a part-time employee, it's possible to buy a million dollar home. If you can find a lender willing to give you a loan with payments of a dollar a month, you can do it. Of course, it's not reasonable to think that you will find a lender willing to accept those terms.
I feel that it is also not reasonable to expect that the current "let's pretend that we're going to modify your loan" programs are going to help hardly anyone. The latest sucker punch is the FHA short refi, appears to be just a gimmick to give another dose of false hope to people who can't afford to own a home.
The housing industry depends on mobility, people with decent ability to make larger payments to change homes. The reasons for changing have been generally changes in work, relationships and family size. Many of the changes are not absolute necessities. To date, there has been nothing done to facilitate the mobility of would-be sellers and buyers.
Helping people delay losing their homes, and helping people lose their homes through short sales are nice things to do. They are not what will get the industry on its feet. We have to find a way to help the people who can afford higher payments to become mobile. We need more buyers who are also sellers, and a $6,500 carrot isn't worth the price of the stick it's hung from. The housing industry needs some help, and it doesn't seem that it's on its way.
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