Yes, the govt is doing everything in their power to try to prop up r.e. and economy.
The reality is w/the criteria I stated – and this is just FHA, so what’s the cap, I forget? 450k?
Proving you can make the payments.
Having at least a 620 score for FHA
Cap on how high a loan w/FHA.
Now, how many good homes can you get for 450k in San Diego in a decent part of town?
So then we go to the above 450k.
20% down.
Over 700 FICO score.
Proving your income.
I don’t know. Maybe there’s just a shitload of people out there w/150k+ cash and 720-740 FICO scores, making 200k a year that are going to pounce on real estate.
Or maybe they have 700k cash burning a hole in their pocket and they’re not taking out any loans.
Guess I’ll be renting for a long while. Still doesn’t make sense to me.
