If you qualify, it’s easy to get a loan.
If you don’t qualify, putting 70% down won’t help
(unless you go to a hard money lender)
For some people, it’s never been easier to get a loan.
Having $10 million in the bank doesn’t make it any easier to qualify for many loan programs.
If you make $300,000 a year and only have one credit card and no mortgage loan history, you could have a hard time getting a loan, even with 30% or 40% down.
If you have crappy credit, and can qualify, you can buy with 3.50% down,
If you have good credit and can qualify, you can buy with 3% down.
There are loan limits and different guidelines/costs for various programs.
20% down avoids mortgage insurance, not necessarily easier to get a loan with 20% down.
It’s only ‘easier’ because your payment will be much lower.
I did a refi for an appraiser recently, he’s a great appraiser but confused about mortgages.
Your uncle is wrong. It’s not ‘extremely difficult’ IF you qualify. For many people it’s simple to qualify.
He is correct that FHA is not cheap with mortgage insurance but many people don’t care.
They just want to buy a house and will pay whatever they are told.
If interest rates were higher, many people wouldn’t qualify.
