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09-15-2007, 09:42 AM
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With the credit crunch going on right now and lenders being a little more strict giving out loans, are no down or 80/20 loans still available in this market?
I thought about this before deciding to rent. I just wasn't totally comfortable doing it. It would have been great to own instead of rent though. Last edited by NooYowkur81; 09-15-2007 at 09:50 AM. 
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09-15-2007, 01:59 PM
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You can still find no down loans and no down 80/20 loans but you will have to have a excellent credit score and employment history and you will pay a much larger spread (interest rate) vs a traditional loan than before. The 80/20 loans are drying up because they are not as usefull as before. These were used to avoid PMI payments by adding a higher interest rate second loan for the 20% part. But now the PMI is tax deductable, thanks to congress, so the benefit of doing these has decreased and in many cases disappeared.
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