A few years ago, a few months before the housing "slump" I was offered a job in another area (higher cost of living). Some encouraged me to go, "Buy a house then when your ready sell it for a tidy profit". Being a fiscal conservative, somewould say cheap, I ultimately stayed put. My mortgage here is roughly 21% of my net monthly income. Best I could tell an equivalent home there would have been about 35%. Could I have gotten a loan? Yes. Did I want to live that way? No.
Stories of folks buying with zero down, or interest only loans, scared the heck out of me. Risk & reward I guess.
jh
