U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 12-04-2008, 02:08 AM
 
Location: Los Angeles Area
3,306 posts, read 3,327,345 times
Reputation: 592

Advertisements

I'm mainly interested in mortgages from a macroeconomic point of view, but I'm curious what is going on out in the street. For the people that work in the industry, how tight as the mortgage market gotten?

I know FHA still allows as little as 3.5% down, but just how tight are the standards now?

What about Jumbos? Easy to get?

Are stated-income, IO, pay option ARM etc totally out of the picture now?
Reply With Quote Quick reply to this message

 
Old 12-04-2008, 06:30 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,101,195 times
Reputation: 1008
FHA has the same guidelines but some lenders are imposing the minimum 620 score. Some lenders are going down to 580.....and a lot of lenders are being 'picky' even if the loan fits into the guidelines

Jumbos are the same but Loan to value has decreased with most companies. If you want a good rate then you may have to put 20-25% down.

There are still Interest Only, and ARMs.

I dont know any companies doing Pay Option ARMs...and not many for stated

Quote:
Originally Posted by Humanoid View Post
I'm mainly interested in mortgages from a macroeconomic point of view, but I'm curious what is going on out in the street. For the people that work in the industry, how tight as the mortgage market gotten?

I know FHA still allows as little as 3.5% down, but just how tight are the standards now?

What about Jumbos? Easy to get?

Are stated-income, IO, pay option ARM etc totally out of the picture now?
Reply With Quote Quick reply to this message
 
Old 12-04-2008, 08:19 AM
 
Location: SE Michigan
1,213 posts, read 4,242,458 times
Reputation: 674
Isn't FHA 3% dp until Jan 1?
Reply With Quote Quick reply to this message
 
Old 12-04-2008, 08:20 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,101,195 times
Reputation: 1008
yes

Quote:
Originally Posted by kcam213 View Post
Isn't FHA 3% dp until Jan 1?
Reply With Quote Quick reply to this message
 
Old 12-04-2008, 08:48 AM
 
Location: Denver
3,139 posts, read 6,911,974 times
Reputation: 2912
I could not get a 5 percent down conventional loan in areas west of denver. Due to declining markets. FHA works though.
Reply With Quote Quick reply to this message
 
Old 12-04-2008, 05:13 PM
 
Location: Broward County
2,518 posts, read 9,698,174 times
Reputation: 1333
I got FHA with 2.5% down here in South Florida....
Reply With Quote Quick reply to this message
 
Old 12-04-2008, 05:29 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,101,195 times
Reputation: 1008
FHA allows a 2.25% down payment with buyer paying closing costs

if the seller pays closing costs then it's 3%

Quote:
Originally Posted by heydade View Post
I got FHA with 2.5% down here in South Florida....
Reply With Quote Quick reply to this message
 
Old 12-04-2008, 06:33 PM
 
Location: Plano, Texas
1,676 posts, read 6,336,830 times
Reputation: 684
It is no where near as tough as the media has lead people to believe.
Reply With Quote Quick reply to this message
 
Old 12-05-2008, 08:50 AM
 
63 posts, read 318,317 times
Reputation: 54
Quote:
Originally Posted by VictorBurek View Post
It is no where near as tough as the media has lead people to believe.
That's the impression I have gotten as well. I think it is very tough for people who were borderline for approval to begin with but not so for people who were otherwise going to have no issues with qualifying.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top