"Successful Raptor Owners"
I hope you guys who are spending $50+K on a truck and thousands more on mods already own a house.
Funny story. I owned my first home when I was 21 - on my own credit and my own dime. Got a mortgage pre-approval over the phone and a home equity line of credit the day after I closed. I then used the bank's money to remodel and sell the home myself, turning a tasty profit in just under 3 months. About 9 months later the bottom fell out of the housing market and I decided to save that money to one day buy another home of my own.
Fast forward 7 years, I have impeccable credit (804), almost no debt, multiple times the required minimum down payment, uninterrupted employment history, ample credit history, stable and ample income...you get the point. I am recently self employed and cannot get a mortgage based on FHA guidelines. No bank will give me a dime even if I were to put 75% down.
So while I tend to agree with your statement, it's just not that easy anymore.