No Money Down
[SACRAMENTO, Calif. -- Until recently Michelle Hupton figured you had to have money in the bank to buy a house.
Then a mortgage broker got Hupton and her fianci financing with nothing down and interest-only payments for two years. The couple, who together earn about $100,000 as restaurant managers, wound up with a $385,000 ranch-style house in Folsom, Calif. _ a city of 60,000 about 25 miles east of Sacramento _ and an appreciation for the new housing economics.
"It felt kind of weird buying it because in our bank accounts we didn't have any reserves," said Hupton, 34. "We definitely would never have been able to afford it without 100 percent financing."]
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Then a mortgage broker got Hupton and her fianci financing with nothing down and interest-only payments for two years. The couple, who together earn about $100,000 as restaurant managers, wound up with a $385,000 ranch-style house in Folsom, Calif. _ a city of 60,000 about 25 miles east of Sacramento _ and an appreciation for the new housing economics.
"It felt kind of weird buying it because in our bank accounts we didn't have any reserves," said Hupton, 34. "We definitely would never have been able to afford it without 100 percent financing."]
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posted by Little_Silvered at 9:21 AM
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