2019 Idaho Real Estate Blog

Over 20 Years Of Problems -- All Coming To A Head Main Boise Home Loans
We have been building up to this economic crisis for some time now. Until we finally change our ways as a consuming nation...we will be destined to have the same problems we have now over and over and over and over and...


Dear reader:

The current state of the economy is a fragile one at best, but it is important to realize that these problems we are facing TODAY have been rooted in at least two decades of bad behavior.

Whenever any type of economic pain has been approached in our country, our answer in unison has always been to simply borrow more money, and push the day of reckoning forward, with no thought being given to who will ultimately have to foot the bill. There has never been a point during this time when we have been forced to be accountible for spending too much, saving too little, and taking on too much debt. We have not once been willing to sacrifice our own comfortable standard of living, so that our children and grandchildren will have a better standard of living. That's too bad.

It is time to wake up America. Whether you are an individual taxpayer, small business owner, mid-sized company or large corporation, start being accountible to the role YOU PLAYED in this mess, if any. If you are not a corporation asking for a bailout or are not a taxpayer asking for a bankruptcy judge to discharge your debt, I salute you. If you are a person or business who has cash reserves to weather this economic storm, I respect you. Those people and businesses are part of the bigger solution that our country needs...a complete restructuring of HOW WE LIVE AND CONSUME.

If you are interested in talking more about this post or the current economic situation, feel free to call or email me at (208) 880-0316 and You can also visit my website at

Warm Regards,

Eric Leigh, Mortgage Consultant
2965 E. Tarpon Drive, Ste. 150
Meridian, ID 83642
(208) 880-0316
Posted by Eric Leigh at 12/16/2008 2:31:00 PM
Comments (5)
Re:Over 20 Years Of Problems -- All Coming To A Head
Somebody give me an Amen Brother.
Posted by on 12/16/2008 6:57 AM
Re:Over 20 Years Of Problems -- All Coming To A Head
Hey, the fix is easy, the government will print and borrow money to get us out of the mess.
Posted by on 12/16/2008 9:22 PM
Re:Over 20 Years Of Problems -- All Coming To A Head
We said, love your posts
We at 20% down yet?
Posted by on 12/17/2008 5:39 AM
Re:Over 20 Years Of Problems -- All Coming To A Head Eric you need to participate
Posted by on 12/17/2008 3:12 PM
Re:Over 20 Years Of Problems -- All Coming To A Head
Regarding minimum down payments required...

FHA still allows a minimum 3% contribution based on purchase price, but that changes Jan 1, 2009. At that point, buyer must put 3.5% down, and closing costs can not be part of the 3.5%.

Conforming/Conventional is 5% or 8-10%, depending on first-time homebuyer status and declining market policy. This is largely determined by the Private Mortgage Insurance (PMI) companies rather than the investor guidelines.

There are good credit reward 2nd lien mortgages that allow you to finance 100%, but you must have at least a 700 mid-score to get that. Grants and gifts can still be used as well.

Also...RD and VA loans allow 100% financing as well as no MI payment options.

I read in a Consumer Reports article that a minimum of 20% to 30% is required to buy...not so...unless you are going portfolio at your bank or other financial institution.

Good question Emdeplam...and thanks for the props. I've gotten away from mortgage/loan posts a bit lately. The economy and current state of affairs is just so interesting...for the good and bad reasons.


Posted by Eric Leigh on 12/20/2008 9:13 AM
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