[quote=jpinpb]Makes sense. Tax credits expired, which made the 3.5% down seemed like nothing down. Pretty much they want to stick w/no skin in the game.
But I think the bigger problem is the no-income qualifiers. If you have to prove you can make the payments, at least that’s something. Not much. No skin in the game makes it easier to walk, whether you can afford the payments or not. But at least they’re making an effort to “try” to make sure you can afford it. Even though the only downside to walking is a temporary hit on your credit report.
I guess in a way, even having to qualify for a house is almost meaningless b/c of the ease in not paying and not receiving a NOD, etc.
But still, you have to have a job to buy a house. So at least that eliminates the U6 group from buying.
Just when you think the train ride might be over, everyone sticks a foot out and starts pushing.[/quote]
Yes, having to qualify is good, but FHA’s qualifying DTI ratio is 29%/41% of **gross** income, which is totally unaffordable for low-medium income families, especially the back-end ratio, IMHO.
