Learning is hard........................................

.........................................................I'm sure this will end well:


Rather than 20%, the reality is that over 70% of first-time buyers are putting down 5% or less for their new homes. But there is more. Due to their exemption from the Qualified Mortgage rule, which limits total debt-to-income ratios to 43%, the five government mortgage agencies (Fannie Mae, Freddie Mac, the Federal Housing Administration, the Department of Veterans Affairs, and Rural Housing Service) have been all too willing to support the purchase of more expensive homes... Expanding debt leverage is a conscious policy choice that is drawing new borrowers into the market by allowing them to take on more debt — and unfortunately greater risk — to “afford” home ownership.


-as excerpted from here