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sarals

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sarals

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Re: BullNBear52 post# 34940

Saturday, 03/04/2006 4:57:08 PM

Saturday, March 04, 2006 4:57:08 PM

Post# of 447819
I know about buydowns... not too bad of a deal for a first time buyer.

My first loan was a GPM (graduate payment)... in the industry they call them "gyp em's". It negatively amortized for the first 5 years with the same idea as the buydown except the lower payment was accomplished through negative amortization. When I sold the house after being there 8 years, I still owed slightly more than the original loan amount. But it did get me in my first home. I also rented a room for the first year to help cover expenses.

Sara

"I never give them hell. I just tell the truth and they think it's hell." - Harry Truman

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