my NeoCon friend is taking an FHA loan; what are YOUR predictions?Submitted by PatriotsUnderGod on Fri, 12/21/2012 - 21:29
He is saying "I am backed by the full faith and credit of the U.S Government"...he knows I am an "End the Fed" guy, and telling him he is still RENTING is like talking to a brick wall.
It's a house listed at $109k in western Cook County(Chicagoland)....he is gonna put $5000 down(all he has in savings at 43 years old with a $31k/year municipality job(non-union parks department) that he has only had for one year; and he is going to make an offer of $104,400. Property taxes are currently $4800/year. He has no girlfriend, never married, no kids.
I predict his payment for mortgage and taxes will be 50% of his take home pay. He will have no money for emergencies(he will use credit cards for water heater or furnace if it breaks) after utilities, I can't imagine his property taxes will not increase with loads of peoplepeople still "walking away" in Cook County and Rahm Emmanuel Mayor forever...and who would trust the government not to change his loan terms middle of the game?
His health insurance premiums will double, or he will be forced unto Obamacare by his employer I suspect...his hours will be cut too probably.
I am renting myself, and I have a union janitorial position; I am being told by him to file bankruptcy and get in before hyper inflation kicks in and interest rates skyrocket like they did 30 years ago...I told him " you may like your new lifestyle, but you won't own/control bunk once you sign on that dotted line"
I don't trust "things are good"...I am just a realist(I think) about what is coming for our slave existence....am I missing anything? Is this the same bait as the "red line" districts back in the 70's where the government was forcing banks to give loans to unqualified buyers?
I can't change his mind, and he is "sick of" hearing my "Ron Paul End the Fed crap".