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Originally Posted by lrjohnson
I have no debt at all and good ioncome for my area, so it feels weird to think I'm not in a position to buy when people earning less with more debt have places.
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Why do you think you aren't in a position to buy? If you have good income and no debt, and a good credit score, you should have no problem at all. Just be sure to figure out on your own what you can afford. Don't go with what the mortgage guy trys to tell you.
And yes, a lot of people in recent years have way overextended themselves often by getting sucked in to ARMs or interest-only loans. Now that principal payments are coming due and rates are climbing, many of these people are finding themselves in big trouble. Foreclosures are up 1/3 over last year at this time and are expected to continue rising as more ARMs adjust.