The mortgage industry is in a flux right now. Companies that funded sub-prime loans are hurting, actually they are closing their doors. Respectable companies that routinely made good loans found themselves in a liquidity crisis and are shutting their doors as well.
As the pendulum swings towards the conservative side of lending, many would be home-buyers are finding themselves scrabbling to find funding for their new home.
Buyers who aren’t blessed with a huge down payment are turning to FHA mortgages. FHA loans are backed by the government and could be the answer for many. 100% financing may be going the way of the dinosaur, remembered fondly but extinct.
Saving for a home is back in vague.
FHA requires only a 3% down-payment. Three percent down is not a lot of money, it’s a manageable down payment. The source doesn’t have to be the borrower, the down-payment can come from family in the form of gift funds.
Saving for a home has many benefits.
Mortgage investors love to see buyers with down payments. Families pull together when they have a common goal. The unity of purpose creates a strong bond for everyone involved. The
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Welcome to Denver Dwellings where I blog about Denver real estate trends, where to live, eat, play and how to buy
or sell a house in Colorado. This part of the world is where I call home, it is a place I love and I hope that
joy shows through!
