Hard to Get a Loan – Thank God

[highpacific]

“Just when consumers and the U.S. economy need banks to lend more freely, the mortgage industry is making it harder to borrow”. – Alan Zibel and J.W. Elphinstone

I would have to disagree completely with Alan and JW. More easy credit is absolutely NOT what the U.S. economy and consumers need. Especially if its for the purpose of buying over-valued assets.

The rest of the article was very informative. And I am glad to see the industry getting back to it’s senses.

[American Dreamer]

The problem is that the industry is not necessarily getting back to its senses. I had a friend close on a house just this week with 5% down on about a $1 million home. I have been getting mixed signals from lenders, but the basic message is that with excellent credit and a qualifying income, the down payment isn’t much of a barrier.

I know this ground has been covered, but I would definitely be interested to know what the insiders’ perspective is on the state of the down payment requirement.

[American Dreamer]

The problem is that the industry is not necessarily getting back to its senses. I had a friend close on a house just this week with 5% down on about a $1 million home. I have been getting mixed signals from lenders, but the basic message is that with excellent credit and a qualifying income, the down payment isn’t much of a barrier.

I know this ground has been covered, but I would definitely be interested to know what the insiders’ perspective is on the state of the down payment requirement.

[American Dreamer]

The problem is that the industry is not necessarily getting back to its senses. I had a friend close on a house just this week with 5% down on about a $1 million home. I have been getting mixed signals from lenders, but the basic message is that with excellent credit and a qualifying income, the down payment isn’t much of a barrier.

I know this ground has been covered, but I would definitely be interested to know what the insiders’ perspective is on the state of the down payment requirement.

[American Dreamer]

The problem is that the industry is not necessarily getting back to its senses. I had a friend close on a house just this week with 5% down on about a $1 million home. I have been getting mixed signals from lenders, but the basic message is that with excellent credit and a qualifying income, the down payment isn’t much of a barrier.

I know this ground has been covered, but I would definitely be interested to know what the insiders’ perspective is on the state of the down payment requirement.

[American Dreamer]

The problem is that the industry is not necessarily getting back to its senses. I had a friend close on a house just this week with 5% down on about a $1 million home. I have been getting mixed signals from lenders, but the basic message is that with excellent credit and a qualifying income, the down payment isn’t much of a barrier.

I know this ground has been covered, but I would definitely be interested to know what the insiders’ perspective is on the state of the down payment requirement.

[kewp]

So much for yet another bad idea on how to turn the housing market around.

Housing will not appreciate until the market bottoms.

[kewp]

So much for yet another bad idea on how to turn the housing market around.

Housing will not appreciate until the market bottoms.

[kewp]

So much for yet another bad idea on how to turn the housing market around.

Housing will not appreciate until the market bottoms.

[kewp]

So much for yet another bad idea on how to turn the housing market around.

Housing will not appreciate until the market bottoms.

[kewp]

So much for yet another bad idea on how to turn the housing market around.

Housing will not appreciate until the market bottoms.

[SDEngineer]

FHA still can be done with 3% down (or 0% if using one of the “gift” programs like Nehemiah) for first time buyers. FHA’s DTI requirements (both front-end and back-end) are strict enough though that most likely anyone who qualifies should be able to fairly easily afford the monthly payment.

Wonder what may happen though to that program if they start seeing walk-aways not due to unaffordability but due to buyers simply leaving a house thats well underwater.

[SDEngineer]

FHA still can be done with 3% down (or 0% if using one of the “gift” programs like Nehemiah) for first time buyers. FHA’s DTI requirements (both front-end and back-end) are strict enough though that most likely anyone who qualifies should be able to fairly easily afford the monthly payment.

Wonder what may happen though to that program if they start seeing walk-aways not due to unaffordability but due to buyers simply leaving a house thats well underwater.

[SDEngineer]

FHA still can be done with 3% down (or 0% if using one of the “gift” programs like Nehemiah) for first time buyers. FHA’s DTI requirements (both front-end and back-end) are strict enough though that most likely anyone who qualifies should be able to fairly easily afford the monthly payment.

Wonder what may happen though to that program if they start seeing walk-aways not due to unaffordability but due to buyers simply leaving a house thats well underwater.

[SDEngineer]

FHA still can be done with 3% down (or 0% if using one of the “gift” programs like Nehemiah) for first time buyers. FHA’s DTI requirements (both front-end and back-end) are strict enough though that most likely anyone who qualifies should be able to fairly easily afford the monthly payment.

Wonder what may happen though to that program if they start seeing walk-aways not due to unaffordability but due to buyers simply leaving a house thats well underwater.

[Author]

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