I think the Guaranteed Rural Housing program is no money down.
And crappy credit is Otay!
Brought to you by the people who inspect meat and butter.
[QUOTE=DSYoungEsq]
It is precisely because of the fact that lenders decided to give up the requirement of 20% down mortgages that the cost of real estate skyrocketed (or, at least, that had a good bit to do with it). If the first-time homebuyer was forced like I was in 1987 to make a financially prudent decision, the demand for homes would be substantially less, and, thus, the prices would be substantially lower.
Perhaps the correction will remind banks and borrowers alike why it’s stupid to assume that free lunches exist…
[/QUOTE]
Amen. Middle class homes would never have cost $300k if these middle class people had to plunk down $60k in hard cash to get that house..