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Old 11-05-2013, 03:32 PM
 
Location: Southern California
4,350 posts, read 4,940,749 times
Reputation: 2129

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Les Christie of CNN Money

"Good news for homebuyers who don't have a lot of cash on hand: Banks are offering loans with down payments of just 5%. After the housing bubble burst, buyers needed to come to the table with as much as 20% down or they had to turn to the Federal Housing Administration for a low down-payment loan."

Banks offering mortgages with only 5% down payments - Nov. 5, 2013

What do you think about this new information on mortgages?
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Old 11-05-2013, 03:51 PM
 
25 posts, read 28,135 times
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We got a conventional loan with 5% down 2 years ago. I thought that was still possible or did we just get lucky?
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Old 11-05-2013, 04:00 PM
 
3,321 posts, read 7,263,103 times
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Quote:
Originally Posted by thelopez2 View Post
Les Christie of CNN Money

"Good news for homebuyers who don't have a lot of cash on hand: Banks are offering loans with down payments of just 5%. After the housing bubble burst, buyers needed to come to the table with as much as 20% down or they had to turn to the Federal Housing Administration for a low down-payment loan."

Banks offering mortgages with only 5% down payments - Nov. 5, 2013

What do you think about this new information on mortgages?
It is in no way new information. FHA has been 3.5% down for years, and 5% down conventional has been available for a long time as well.
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Old 11-05-2013, 04:16 PM
 
Location: Southern California
4,350 posts, read 4,940,749 times
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According to this creditable news source CNN , it says it is new. I use to wonder where people get their misconceptions and now I know, "I read it on the Internet" so it must be true.

If anything the news should be, lenders are increasing their minimum down payment from 3.5% to 5%
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Old 11-05-2013, 05:04 PM
 
Location: northern va
1,555 posts, read 1,996,248 times
Reputation: 1328
some lenders offer 3% down conventional
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Old 11-05-2013, 07:35 PM
 
Location: MID ATLANTIC
7,603 posts, read 17,643,477 times
Reputation: 8094
LOL, new? And they are the news? 5% money NEVER went away. I recently personally closed on a 3% down, LMPI 30 year fixed loan (they go away this month). Not only did it not go away, we are lending 5% down up to 650K (portfolio product).

It's never gone away.
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Old 11-06-2013, 05:40 AM
 
Location: MID ATLANTIC
7,603 posts, read 17,643,477 times
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What's going on? Local news just carried story about "low down payment options?" Acted like they were brand new.
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Old 11-06-2013, 07:57 AM
 
Location: Southern California
4,350 posts, read 4,940,749 times
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The thing that gets to me is , this is not some guy's blog, it is a big news outlet, spitting out bad information. Aren't there controls that should control bad information from getting out, or is this reality, people who publish on the web have no accountability.

Maybe Wells and others gave money to CNN to make it look like news but is really an advertisement. Non FHA low down with PMI is nothing new. PMI can be paid by the lender, borrower every month, seller, or financed. Maybe it is new to Wells as the author states, but they also make it sound new to consumer. If Wells wasn't offering it before , it is probably because they wanted to make more money off of the consumer by offering FHA loans. Maybe news has finally go out that there are cheaper options in the market place other than FHA and Wells and others must follow suit.
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Old 11-06-2013, 11:58 AM
 
3,313 posts, read 4,097,345 times
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Sorry, but nothing new is here. It's been 5% min downpayment for conventional loans for years now...
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Old 11-06-2013, 12:13 PM
 
28,906 posts, read 45,240,795 times
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Quote:
Originally Posted by thelopez2 View Post
According to this credulous news source CNN , it says it is new. I use to wonder where people get their misconceptions and now I know, "I read it on the Internet" so it must be true.

If anything the news should be, lenders are increasing their minimum down payment from 3.5% to 5%
Fixed that for you.
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