Conventional Loan – Down Payment requirements

[TexasLine]

Just wondering…why does no one want to comment on this? I like the question.

What is it that I don’t know? Is it the “lowest amount of down payment” part of the question?

I “understand”(spoken in a humble voice) the housing market bubble causes and the anger about that here among piggs. And I agree completely.

But a prudent mind might want to consider the current market conditions…which include things that didn’t exist 20+ years ago…I mean two years ago, in an effort to place oneself in the best possible position; like a chess game I guess.

So again, why no answer on this question? What am I not seeing?

[temeculaguy]

Texas, there aren’t that many mortgage brokers here, most were run off long ago, this can be a tough crowd. Only HLS (sheldon) has earned his keep over the years and I haven’t seen him around for a little while, when he sees this or if someone e-mails him, the real answer will be posted, nobody wants to guess and the OP doesn’t want guesses.

Plus I pay attention to things like this as a casual observer and I haven’t a clue. I think the sub 20% conventional market might be a little slim these days and FHA is not that bad of a deal especially if you can get the upfront insurance paid by the seller, the monthly is deductable, in fact all PMI is deductable now so the piggyback loans have gone away, or at least I never see ads for them anymore or hear anyone talk about them. A lot of loans have gone away. I think in the world of finance, the word “creative” is now profanity.

[temeculaguy]

Texas, there aren’t that many mortgage brokers here, most were run off long ago, this can be a tough crowd. Only HLS (sheldon) has earned his keep over the years and I haven’t seen him around for a little while, when he sees this or if someone e-mails him, the real answer will be posted, nobody wants to guess and the OP doesn’t want guesses.

Plus I pay attention to things like this as a casual observer and I haven’t a clue. I think the sub 20% conventional market might be a little slim these days and FHA is not that bad of a deal especially if you can get the upfront insurance paid by the seller, the monthly is deductable, in fact all PMI is deductable now so the piggyback loans have gone away, or at least I never see ads for them anymore or hear anyone talk about them. A lot of loans have gone away. I think in the world of finance, the word “creative” is now profanity.

[temeculaguy]

Texas, there aren’t that many mortgage brokers here, most were run off long ago, this can be a tough crowd. Only HLS (sheldon) has earned his keep over the years and I haven’t seen him around for a little while, when he sees this or if someone e-mails him, the real answer will be posted, nobody wants to guess and the OP doesn’t want guesses.

Plus I pay attention to things like this as a casual observer and I haven’t a clue. I think the sub 20% conventional market might be a little slim these days and FHA is not that bad of a deal especially if you can get the upfront insurance paid by the seller, the monthly is deductable, in fact all PMI is deductable now so the piggyback loans have gone away, or at least I never see ads for them anymore or hear anyone talk about them. A lot of loans have gone away. I think in the world of finance, the word “creative” is now profanity.

[temeculaguy]

Texas, there aren’t that many mortgage brokers here, most were run off long ago, this can be a tough crowd. Only HLS (sheldon) has earned his keep over the years and I haven’t seen him around for a little while, when he sees this or if someone e-mails him, the real answer will be posted, nobody wants to guess and the OP doesn’t want guesses.

Plus I pay attention to things like this as a casual observer and I haven’t a clue. I think the sub 20% conventional market might be a little slim these days and FHA is not that bad of a deal especially if you can get the upfront insurance paid by the seller, the monthly is deductable, in fact all PMI is deductable now so the piggyback loans have gone away, or at least I never see ads for them anymore or hear anyone talk about them. A lot of loans have gone away. I think in the world of finance, the word “creative” is now profanity.

[temeculaguy]

Texas, there aren’t that many mortgage brokers here, most were run off long ago, this can be a tough crowd. Only HLS (sheldon) has earned his keep over the years and I haven’t seen him around for a little while, when he sees this or if someone e-mails him, the real answer will be posted, nobody wants to guess and the OP doesn’t want guesses.

Plus I pay attention to things like this as a casual observer and I haven’t a clue. I think the sub 20% conventional market might be a little slim these days and FHA is not that bad of a deal especially if you can get the upfront insurance paid by the seller, the monthly is deductable, in fact all PMI is deductable now so the piggyback loans have gone away, or at least I never see ads for them anymore or hear anyone talk about them. A lot of loans have gone away. I think in the world of finance, the word “creative” is now profanity.

[CA renter]

Concur with TG.

This question deserves an answer from a mortgage broker. Though most of us know quite a lot about real estate and bubbles, this is a specific question and the correct answer can change, depending on new programs or the termination of old programs. Only a mortgage broker would be able to accurately answer this question. Though many of us might seem like “know-it-alls,” we usually know when to shut up if we don’t know about something. 🙂

[CA renter]

Concur with TG.

This question deserves an answer from a mortgage broker. Though most of us know quite a lot about real estate and bubbles, this is a specific question and the correct answer can change, depending on new programs or the termination of old programs. Only a mortgage broker would be able to accurately answer this question. Though many of us might seem like “know-it-alls,” we usually know when to shut up if we don’t know about something. 🙂

[CA renter]

Concur with TG.

This question deserves an answer from a mortgage broker. Though most of us know quite a lot about real estate and bubbles, this is a specific question and the correct answer can change, depending on new programs or the termination of old programs. Only a mortgage broker would be able to accurately answer this question. Though many of us might seem like “know-it-alls,” we usually know when to shut up if we don’t know about something. 🙂

[CA renter]

Concur with TG.

This question deserves an answer from a mortgage broker. Though most of us know quite a lot about real estate and bubbles, this is a specific question and the correct answer can change, depending on new programs or the termination of old programs. Only a mortgage broker would be able to accurately answer this question. Though many of us might seem like “know-it-alls,” we usually know when to shut up if we don’t know about something. 🙂

[CA renter]

Concur with TG.

This question deserves an answer from a mortgage broker. Though most of us know quite a lot about real estate and bubbles, this is a specific question and the correct answer can change, depending on new programs or the termination of old programs. Only a mortgage broker would be able to accurately answer this question. Though many of us might seem like “know-it-alls,” we usually know when to shut up if we don’t know about something. 🙂

[HLS]

Hi all..
I don’t check this site as often as I used to, but can always be reached directly (see above)

Recent govt regulations enacted in 2009 and Jan 1st 2010 have made it more difficult/frustrating/complicated to get a mortgage than ever before.

A borrower making $200K with 40% down and an 800 credit score can have a problem with a loan approval because something wasn’t disclosed properly. The old Good Faith Estimate(GFE) that was 1 page, has been “simplified” through govt intervention and is now 3 pages.

Lenders and underwriters have different views on how to handle changes and some amounts CANNOT change once they are disclosed, while others cannot go up more than 10%.
It might sound good on the surface, but if a borrower loses a lock because of this, it can cost thousands of dollars for this govt intervention if rates have moved up. I’ll address the down payment issue in next post. ..HLS..

[HLS]

Hi all..
I don’t check this site as often as I used to, but can always be reached directly (see above)

Recent govt regulations enacted in 2009 and Jan 1st 2010 have made it more difficult/frustrating/complicated to get a mortgage than ever before.

A borrower making $200K with 40% down and an 800 credit score can have a problem with a loan approval because something wasn’t disclosed properly. The old Good Faith Estimate(GFE) that was 1 page, has been “simplified” through govt intervention and is now 3 pages.

Lenders and underwriters have different views on how to handle changes and some amounts CANNOT change once they are disclosed, while others cannot go up more than 10%.
It might sound good on the surface, but if a borrower loses a lock because of this, it can cost thousands of dollars for this govt intervention if rates have moved up. I’ll address the down payment issue in next post. ..HLS..

[HLS]

Hi all..
I don’t check this site as often as I used to, but can always be reached directly (see above)

Recent govt regulations enacted in 2009 and Jan 1st 2010 have made it more difficult/frustrating/complicated to get a mortgage than ever before.

A borrower making $200K with 40% down and an 800 credit score can have a problem with a loan approval because something wasn’t disclosed properly. The old Good Faith Estimate(GFE) that was 1 page, has been “simplified” through govt intervention and is now 3 pages.

Lenders and underwriters have different views on how to handle changes and some amounts CANNOT change once they are disclosed, while others cannot go up more than 10%.
It might sound good on the surface, but if a borrower loses a lock because of this, it can cost thousands of dollars for this govt intervention if rates have moved up. I’ll address the down payment issue in next post. ..HLS..

[HLS]

Hi all..
I don’t check this site as often as I used to, but can always be reached directly (see above)

Recent govt regulations enacted in 2009 and Jan 1st 2010 have made it more difficult/frustrating/complicated to get a mortgage than ever before.

A borrower making $200K with 40% down and an 800 credit score can have a problem with a loan approval because something wasn’t disclosed properly. The old Good Faith Estimate(GFE) that was 1 page, has been “simplified” through govt intervention and is now 3 pages.

Lenders and underwriters have different views on how to handle changes and some amounts CANNOT change once they are disclosed, while others cannot go up more than 10%.
It might sound good on the surface, but if a borrower loses a lock because of this, it can cost thousands of dollars for this govt intervention if rates have moved up. I’ll address the down payment issue in next post. ..HLS..

[Author]

Posts