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Description: Mass. OK's advance on home buyer tax credit - $8,000 loans can be used for closing costs and down payments
URL: http://www.boston.com/business/articles/2009/07/15/mass_oks_advance_on_home_buye ...truncated...
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=2449

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[Renting in Mass]

If you can't scrape together $8,000 for a down payment, or if you feel like $8,000 is a lot of money, you shouldn't be buying a house that costs several hundred thousand dollars! Are we ever going to return to 20% down?

[WestCoastXPlant]

I was actually encouraged by the comments under the article. It wasn't the Boston bubble BB yet most commenters seemed to reach the same common-sense conclusion about this (i.e. you shouldn't be buying in the first place). Is common sense returning to people?

Re 20% down -- I very much doubt that -- unless foreclosure rates reach such heights that the number of homeowners loses any political pull. We are saving our downpayment from paycheck to paycheck (first generation immigrants) and can tell you that no matter how frugal you are, saving money is a hard process. It's taken us a long time and we get paid significantly better than Joe 6pack. 20% will kill the market, guaranteed.

[balor123]

Bad news is that the majority of votes and special interest aren't reflected by people who are commenting.