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A recent article mentioned that 250,000 who took out a mortgage this year are upside down on their mortgage. This means that they owe more that the home is worth. This accounts for 8% of mortgages taken out this year, or 1 in 12 mortgages. The article also mentions that 25% of borrowers with government backed mortgages such as the FHA Loan or VA Loan are also underwater.
In this episode, I discuss what this means for investors, my personal opinion on this data and more.
Highlights
- Real Estate is a long-term investment. Having a mortgage underwater only matters if you don’t plan to hold the property for the long-term.
- FHA and VA Loans are still a great option for those who want to buy properties with limited funds.
- It’s important to make sure you understand the numbers before you invest. Market research is also important.
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