I think that FHA should only be of interest if you have a mid credit score below 660-700 AND cannot come up with an extra 1.5% down (Total of 5% down)
The added cost for FHA loans is a sin.
I don’t know what to expect or how low rates will get, but if they go lower, FNMA will go down as well, not just FHA.
In my opinion, nobody should buy a house if you only have 3.5% or 5% down. You are upside down from the day you buy it, which is not a good feeling.
I’ll still offer to get you the best loan that I can…
If a miminum of 10% down was required, we wouldn’t be on the verge of a global depression and houses would be much cheaper nationwide, and much more affordable.
The housing market is ponzi scheme, soon to be known as a MADOFF.
Buy a house like you buy a car. You can afford the payment and you expect it to drop in value.
