FEHB Premiums Increase 13.5%

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Housing prices compared to our income were reasonable for all the NATCA higher ups who bought in 2010 or earlier and have 3000sqft houses for $1600/mth and havent been on the floor for 6 years lol.

All these new people saying they cant afford to live must just be complainers. Best contract in Federal government history, just ask em.
 
The facts are, unless you were able to get in pre-COVID, it’s difficult for most controllers to purchase a home now, regardless of salary. Even for a “starter” home, you need upwards of $100K in cash to put 20% down and cover closing costs. If you put less down, it people are looking at $3-4K+ mortgage payments, which again, is difficult for anyone to be able to afford.

And for the record, I’m someone who bought during COVID, locked in a sub 3% interest rate, and had 6-figures worth of equity in less than 3 years. But I’m not naive enough to think that luck didn’t play the biggest factor in my situation and I realize people who weren’t so lucky are royally fucked today.
 
ClearanceClarence said:
The facts are, unless you were able to get in pre-COVID, it’s difficult for most controllers to purchase a home now, regardless of salary. Even for a “starter” home, you need upwards of $100K in cash to put 20% down and cover closing costs. If you put less down, it people are looking at $3-4K+ mortgage payments, which again, is difficult for anyone to be able to afford.

And for the record, I’m someone who bought during COVID, locked in a sub 3% interest rate, and had 6-figures worth of equity in less than 3 years. But I’m not naive enough to think that luck didn’t play the biggest factor in my situation and I realize people who weren’t so lucky are royally fucked today.
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I’ve got all of that buying during Covid and still am above 3k now because of tax and home insurance going nuts.
 
ClearanceClarence said:
The facts are, unless you were able to get in pre-COVID, it’s difficult for most controllers to purchase a home now, regardless of salary. Even for a “starter” home, you need upwards of $100K in cash to put 20% down and cover closing costs. If you put less down, it people are looking at $3-4K+ mortgage payments, which again, is difficult for anyone to be able to afford.

And for the record, I’m someone who bought during COVID, locked in a sub 3% interest rate, and had 6-figures worth of equity in less than 3 years. But I’m not naive enough to think that luck didn’t play the biggest factor in my situation and I realize people who weren’t so lucky are royally fucked today.
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Every controller who is a veteran can get a mortgage with 0% down with the VA Loan.

GulfCharlie said:
View attachment 9788
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The numbers in the left column are percentages of a much smaller number (Employee portion of health-insurance premiums) while the numbers in the right column are percentages of a much higher number (annual salary).
 
DOD4Life said:
Every controller who is a veteran can get a mortgage with 0% down with the VA Loan.
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True. It’s important to bear in mind, however that a VA loan, while presenting the opportunity to avoid PMI payments with 0% down on a home purchase, the veteran will be paying more money over the life of the loan because all the closing costs are rolled into the mortgage.

It’s awesome for people who don’t have a large chunk set aside for a down payment, but if you can afford the traditional 20% down, you are much better off doing that in the long run, mathematically.
 
PooseMaGoose said:
True. It’s important to bear in mind, however that a VA loan, while presenting the opportunity to avoid PMI payments with 0% down on a home purchase, the veteran will be paying more money over the life of the loan because all the closing costs are rolled into the mortgage.

It’s awesome for people who don’t have a large chunk set aside for a down payment, but if you can afford the traditional 20% down, you are much better off doing that in the long run, mathematically.
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I love trolling but suggesting 20% down on a normal mortgage is better than a VA loan is straight loony tunes
 
VA loans are awesome for the most part. They however suck in a competitive market. I have several co-workers that lost bids on houses this year simply because they were using a VA loan. Sellers in a competitive markets want/demand cash offers with zero contingencies. A VA loan is a contingency.
 
VikingsFan85 said:
I love trolling but suggesting 20% down on a normal mortgage is better than a VA loan is straight loony tunes
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Tell me you don’t understand basic math without telling me you don’t understand basic math.

The caveat I said is “if you can afford it.” Why would you take out a larger loan and pay interest on a larger sum (100% financed plus closing costs rolled in) when you could pay interest on an amount that 20% less?

Take it to the extreme… if you could afford to pay for a house cash, why the hell would you finance the purchase with an interest rate?
 
PooseMaGoose said:
Tell me you don’t understand basic math without telling me you don’t understand basic math.

The caveat I said is “if you can afford it.” Why would you take out a larger loan and pay interest on a larger sum (100% financed plus closing costs rolled in) when you could pay interest on an amount that 20% less?

Take it to the extreme… if you could afford to pay for a house cash, why the hell would you finance the purchase with an interest rate?
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Because your money is worth more now than it will be in thirty years? Because you plan on outperforming your interest rate with investments that you need the cash now for? Debt isn't bad
 
AB19 said:
Because your money is worth more now than it will be in thirty years? Because you plan on outperforming your interest rate with investments that you need the cash now for? Debt isn't bad
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If you buy a 500k house with 0% down vs the traditional down payment, you will pay approximately 250k more over the life of the loan in interest payments.. yes it’s possible to outperform your interest rate, but that doesn’t take into consideration risk. Nothing financial is guaranteed.

Fact: financing a higher amount means you pay significantly more over the life of the loan.

Fact: there is no guarantee that you will outperform your interest rate and in reality, most people wouldnt even be investing the 100k they keep on a no down payment mortgage loan.

Going into debt to make money is the dumbest shit that younger people have been sold on.. mind you the people selling you on it are the ones profiting off of your debt. The problem is everyone has an opinion on making money (including broke people) but taking advice from broke people is like taking advice on weight loss from your fat fuck cousin.
 
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PooseMaGoose said:
If you buy a 500k house with 0% down vs the traditional down payment, you will pay approximately 250k more over the life of the loan in interest payments.. yes it’s possible to outperform your interest rate, but that doesn’t take into consideration risk. Nothing financial is guaranteed.

Fact: financing a higher amount means you pay significantly more over the life of the loan.

Fact: there is no guarantee that you will outperform your interest rate and in reality, most people wouldnt even be investing the 100k they keep on a no down payment mortgage loan.

Going into debt to make money is the dumbest shit that younger people have been sold on.. mind you the people selling you on it are the ones profiting off of your debt.
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I don't have the time to explain basic accounting
 
VikingsFan85 said:
Debt is an investment. Name one year in the last 50 where a conventional loan would have been a better investment than VA. There is none.
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If debt is an investment, then poor people in debt wouldn’t be poor. There’s a reason you are still working traffic and didn’t retire early….
 
PooseMaGoose said:
If you buy a 500k house with 0% down vs the traditional down payment, you will pay approximately 250k more over the life of the loan in interest payments.. yes it’s possible to outperform your interest rate, but that doesn’t take into consideration risk. Nothing financial is guaranteed.

Fact: financing a higher amount means you pay significantly more over the life of the loan.

Fact: there is no guarantee that you will outperform your interest rate and in reality, most people wouldnt even be investing the 100k they keep on a no down payment mortgage loan.

Going into debt to make money is the dumbest shit that younger people have been sold on.. mind you the people selling you on it are the ones profiting off of your debt. The problem is everyone has an opinion on making money (including broke people) but taking advice from broke people is like taking advice on weight loss from your fat fuck cousin.
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Also putting money in your house with your mortgage is still investing as your house will likely increase in value. It's also nice to start with some equity in your house in case you get in a position you have to sell and end up having to sell for less so that you aren't upside down on your loan.

There's people that got into bidding wars when the housing market was hot that are gonna be trying to sell and won't be able to sell for what they paid now that the market has cooled off in some areas 🤷‍♂️
 
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