</font><font color="blue" class="small">( They get in the houses for "No money down", low monthly payments (until PMI, taxes and insurance are added) and "No closing costs". )</font>
It's sad, but correct. A lot of these situations are based on the idea that money might be tight right now, but in a year or two, with pay increases, things will ease up. Unfortunately, some people have more equity in their cars and tractors than their houses. This is not necessarily bad, unless the job goes South or you have emergency medical bills, or something just breaks. With the paycheck tapped to the limit just paying the mortgage, you're in trouble.
Steve