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He means down payment. My understanding was that 3.5% was the minimum for FHA loans, and I have seen condos in downtown Jersey City advertised as having a 3.5% downpayment requirement.
If he does mean downpayment he is dead dead wrong. My friends, quite possibly the biggest realtors in essex county tell me that 95% of their closings are fha 3% down. Also a few younger couples that I know of just went fha. The whole myth that you need 20% is a farce. I actually feel that we are just setting ourselves up for another let down. No way you should be allowed to purchase a home with 3% down.
FHA downpayment used to be 3%, it was increased in 2009 to 3.5% reflecting the fact that lending standards have tightened and downpayment requirements have increased. FHA also has specific housing cost to income ratio for this program. Since most loans are conventional and not FHA, your point is moot.
If he does mean downpayment he is dead dead wrong. My friends, quite possibly the biggest realtors in essex county tell me that 95% of their closings are fha 3% down. Also a few younger couples that I know of just went fha. The whole myth that you need 20% is a farce. I actually feel that we are just setting ourselves up for another let down. No way you should be allowed to purchase a home with 3% down.
The new bubble is FHA bubble. My neighbor bought a house 3 weeks ago using FHA with 3.5% down payment and wife showed fake paycheck (from old employer who is kind friend).
The 9.4% (and soon to be 10%) unemployment coupled with jobless recovery will destroy a lot of green shoots. On the top of it shooting up interest rate.
FHA downpayment used to be 3%, it was increased in 2009 to 3.5% reflecting the fact that lending standards have tightened and downpayment requirements have increased. FHA also has specific housing cost to income ratio for this program. Since most loans are conventional and not FHA, your point is moot.
Ok genius. I am telling what you 2 big time realtors are telling me about their clients. Not to mention what I have seen some people do. The point is you said nobody is putting down 3.5% and point blank you are wrong. If want want to argue with someone go right ahead, but again you are wrong.
The new bubble is FHA bubble. My neighbor bought a house 3 weeks ago using FHA with 3.5% down payment and wife showed fake paycheck (from old employer who is kind friend).
Ok genius. I am telling what you 2 big time realtors are telling me about their clients. Not to mention what I have seen some people do. The point is you said nobody is putting down 3.5% and point blank you are wrong. If want want to argue with someone go right ahead, but again you are wrong.
Hunny relax. I understand your point is to get people's panties in a bunch but I really don't entertain little girls. Pick a fight with someone else hunny. Big time realtors are measured by how much they make not by what type of loans they use. The point was you said nobody used fha and let me spell it out for you y o u a r e w r o n g a g a i n .
and the following chart shows my interest level in the scatter charts everyone uses to try and prove their point.
amen !
:d
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