Home › Forums › Closed Forums › Buying and Selling RE › Why can I not get a loan? › cv2 wrote:How long does it
[quote=cv2]How long does it take for you to save $80K?
Before 1996 or earlier, you always have to put 20% down unless with some special government programs. Looks like we are back to the future.[/quote]
This is misleading. Low-down loans have been around since WAY before 1996.
Private Mortgage Insurance has been around since the late 1950’s (for mortgages with less than 20% down). MGIC was founded in the late 50’s.
FHA has been around since the 1930’s. BY 1938, a house could be purchased with as little as 10% down.
