5 posts shown.
Richard Wright said:Look, $2 million isn't exactly a mountain of cash for the federal government. Maybe the subsidies aren't some massive national undertaking, but they'll burn through every cent before summer ends just so they can claim victory.
So far, they've already approved over 750 loans...
- total number of applications received under the subsidized loan law: 905
What was the actual subsidy budget allocated for this year?
Given that averages for housing units were likely calculated based on maximum prices, if the actual average ends up being much lower, we might see a significantly higher number of claims for funds. 🤷
silentdriver5 said:Greetings, everyone 🙂
I'm trying to avoid starting an entirely new thread here...
I find myself with a question regarding the Associated Press and mortgage lending programs—
In the event that a home loan is issued through a joint arrangement involving a bank and the Associated Press, am I correct in assuming there is no interest during the grace period? Is that the case?...
Thank you 👍
It likely varies by bank. While the maximum effective interest rate is set by law, whether they charge interest during the interim period or include things like appraisal fees depends on the specific institution.
I didn't have any in my case. 🤷
Dennis Morales3 said:That is exactly what I am trying to figure out—if and when they will actually deploy those funds. That is the most critical factor here.
And if I were looking at this from the seller's perspective, I wouldn't include that kind of clause in the contract under any circumstances. 😢
In my preliminary agreement, it stated that if I backed out of the purchase for any reason, the seller would only return my deposit after they sold the property to someone else. There were no additional penalties involved. So, it really comes down to how much is required upfront. That arrangement worked fine for me, as they were waiting on federal funding and the passing of legislation just as much as I was. Besides, the initial deposit I made upon signing the preliminary agreement was quite modest.
It might not be a groundbreaking concept, but when you feel like you've already missed the boat on most good ideas, you take what you can get. I was wondering about your plan—you mentioned moving back to Indianapolis to live with your parents once the apartment is sold? Is there actually work available there, and what kind of salary are we looking at? Alternatively, have you considered relocating to find work while renting out the place in San Diego? That way, you retain ownership. Once you finalize the financial structure, you’ll have the luxury of deciding whether to sell later. Living with family would eliminate rent and utilities, and food costs would likely drop too. If you rent out the San Diego property, you could potentially use the difference of roughly $0.33 to cover your needs. By being disciplined, you might even save $1,000-$$0.50 while keeping the asset.
On the other hand, if you sell and pay off the mortgage entirely, even if you end up with nothing left over, you're starting from zero. You're young; you can always rebuild. In my view, dragging out the sale is the worst path—you're stuck with massive monthly payments while the principal barely moves.
One more thing: what are the prospects for a second job? Perhaps some summer night shifts at a local bar? If cutting expenses isn't enough, increasing income is the only other option.
It is certainly difficult to witness parents in such a predicament, but I find myself agreeing with the consensus: you have to stop providing them with financial support.
You are merely perpetuating a cycle. You assist your mother out of love, she assists your father because of her own affection for him... you criticize her behavior, yet you end up mirroring it. You claim to love her despite everything—which is perfectly understandable—but she clearly loves your father in the same way, choosing to give him money rather than ensuring she has enough for groceries. Then, you set aside funds for her, effectively doing the exact same thing. As long as you refuse to stop giving to her in hopes that she will change, she will continue to hope for his change.
You question why she won't stop, yet you find yourself unable to break the chain yourself. It is easy to wish to change her, but far more difficult to change oneself.
You need to establish your own independence. The most counterproductive thing you can do is provide help in this manner. Even when it feels incredibly harsh, they must learn to manage their own affairs. I realize how difficult that realization is.
Furthermore, I disagree with the suggestion regarding buying groceries, especially since you noted that isn't even an option; any money intended for food will likely be diverted elsewhere by them. As long as they know you will step in to catch them, there is no incentive for their behavior to change.
You might consider stepping in for specific necessities, such as tuition or unexpected educational expenses. Perhaps helping with college rent is reasonable. However, paying their recurring monthly bills is not. This is particularly true given that the family does have the funds; they simply lack discipline in how they spend them.