I had a neighbor in my old apartment complex who was looking to buy a house the same time I was. I was lucky enough to get approved for a mortgage at a good rate for a good amount, where as he was not approved for a loan which would have cost him $900 a month in loan payments. He didn't have a choice and continued to rent at $1300 a month. Just in case you didn't catch that, he pays $1300 a month in rent, but the bank wouldn't approve him for a loan for $900/month. How is that fair in any way?
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