I am totally against FHA 3% down with 580 credit scores.
I believe that many FHA loans originated today will be the subprime of tomorrow.
They may lead to more foreclosures that anyone imagines..allowing people to buy homes just because they want to.
I don’t do them..
Lenders tell me how popular they are and I can only think of mortgage originators pushing people into loans with no reserves just so they can make a commission. Most mortgage advisors are clueless.
The upfront fee is 1.50% of the loan amount and mandatory mortg insurance for 5 years.
The govt is working on a plan to back mortgages @ 4.50% for purchases only…(no refi’s is the rumor)
Still need to qualify by FNMA & FHLMC.
They are VERY desperate to try and find a floor to housing.
They are focused on middle america where ppl cannot afford to buy $100K-$200K houses.
Their plans are not going to save southern Calif
If 10% down had been required since 2002, we wouldn’t be in this mess.
5.00% 30 YR fixed available today are the lowest rates ever….
HLS
