Home › Forums › Closed Forums › Buying and Selling RE › Sensible rules proposed for mortgage industry › Yah, let’s prevent the same
Yah, let’s prevent the same people who had to pay for bank bailouts from owning a house.
The rules stated in the article are far to stringent.
The following basic guidelines make sense (although each situation should be treated uniquely):
Credit Score: 650 and above Down Payment: Anything below 20% pays PMI Income Ratio: 36% Gross Income to Loan Amount
