My cousin is her realtor and has went through the entire process with her. The bank approved her loan, she paid $500 for an inspection on this house that her offer was accepted at, she has an FHA loan so she has all these hoops, like she has to keep $2,700 on her account until closing and all this other shit, but she already put $1,900 of good faith money up and paid $500 for an inspection.
But basically, they got to the end where all they had to do was sign they paperwork, and now they’re bringing up her student loans. She has to pay $5,000 to not be in default on loans she only owes $6,000 on. She doesn’t even owe close to what others owe. Why they’d say it now, after all of this, is beyond me.
They’ve made it to where it’s damn near impossible to buy a house unless you have cash money to drop. The housing market is already hard enough to find a house and it’s only getting worse, so by them time she comes out of default and has enough to keep in her account for the FHA loan after responding everything, God only knows what the starting mortgage rate will be at. When they considered last year it was at 2% & they were hoping it didn’t reach 3. It’s now at 6% just a year later. By the time she gets the money paid/saved she won’t be able to find anywhere she can afford, the same house will become tens of thousands more.
They wonder why millennials and GEN Z aren’t buying. We can’t. Even her generation can’t. No one fucking can.