How much would I need to make a down payment on a HOME...

[disneysteve]

Originally Posted by tinapbeana

what's the point in saving for 20% down on a house when you still won't be able to afford the resulting monthly payments anyways?

Absolutely. There's a lot more to it than the downpayment, though that is a starting point. Certainly, you need to be able to afford the monthly payment, taxes, insurance, as well as things I mentioned above like maintenance, furniture, etc.

[poundwise]

Those things typically go hand-in-hand though. Often, the reason someone can't come up with a substantial down payment for a house (percentage-wise) is that they are trying to buy too much house for their income level.

[sweeps]

Related story: California lawmakers on Wednesday began considering restrictions on unorthodox mortgage-lending practices that have allowed hundreds of thousands of Californians to buy homes they otherwise could not afford.

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[Aleta]

It's about time. Sometimes you have to save people from themselves. In years past, it was very difficult to get credit. Sometimes it required a co-signer. With all the change in the bankruptsy laws, new laws should be looked at to prevent unscrupulous loans.