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Every situation is different. The tax savings ARE real and immediate. That doesn't mean that its the best or only reason to do it. Over the long haul, there is virtually no way to lose money on a house. Even if prices/values do go down after the purchase, as long as ASU2003 can afford the payments and ride out the slump, its just a paper loss. Only selling after a decrease in value would do any harm.
Don't let the lender tell you how much you can afford per month, determine that for yourself. Or work it out with an objective 3rd party finantial guru. Watch out for the afore mentioned sub-prime loans, and the host of other bullshit fees that lots of these fly-by-night companies tack on to the front of the loan. When we went to refinance, we owed 132,000, when the new loan peperwork came back it was for a little more than 140,000. I sniffed out the additional 8,000 and determined it was all horseshit that was written into the loan that would have went straight into the loan writer's pocket. I told him what he could do with that loan.
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If you have any poo... fling it NOW!
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