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Yes, Virginia, There Still Are Mortgages Out There

Posted on October 21st, 2008 3:59pm by Candy Evans
Filed under Changing market trends in Real Estate, Real Estate, Wall Street meltdown, credit crunch

Delightful lunch with Harold Smith at Cornerstone Mortgage who gave me the best news I’ve heard in about three weeks of financial yuck: young couples can get loans for starter homes and they don’t necessarily need to sell his sperm or her eggs for the down payment. If you are talking starter homes in the less than $300K range, FHA mortgages are available with decent rates for as little as three percent down. Yes, I said three percent. Of course, Mom and Dad can always cough up a little welcome help.

3 Comments to “Yes, Virginia, There Still Are Mortgages Out There”

BP @ October 21st, 2008 at 4:26 pm

Indeed — There are loans out there if you have the basic things like: decent credit, a downpayment of varying amount, a steady job – it’s not rocket science, just the basics!
Many lenders I’ve spoken to did single-digit percentages of FHA loans, and now 50% of their business is FHA.
I think it’s been A LOT harder to get acceptable financing for jumbo’s(loan’s over $417k), which has hurt sellers with properties in the $450k and up price range.
sekoras @ October 21st, 2008 at 6:42 pm

read this first

http://american-platform.com/america/2008/10/21/calling-the-old-media-five-million-illegals-have-illegal-mortgages-in-usa/
BP @ October 21st, 2008 at 9:46 pm

Ok sekoras – Don’t take this the wrong way, but that article seems like paranoid “the immigrants are taking over” right-wing propaganda…
And believe me, the lending market has tightened up SO much that there will be NO more loose lending standards, regardless of INS status.