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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: yard_man who wrote (5565)1/20/2004 8:08:40 PM
From: mishedlo  Read Replies (1) of 110194
 
fha question - posted on my board on the FOOL

Effective Jan. 1, FHA will insure single-family home mortgages up to $160,176 in low-cost areas and up to $290,319 in high-cost areas. The loan limits for two-, three- and four-unit dwellings also increased. FHA is now sending letters to thousands of mortgage lenders and brokers to make them aware of the higher rates.

"These higher loan limits will help the FHA mortgage insurance program keep pace with the robust housing market while contributing to the Bush Administration's commitment to create 5.5 million new minority homeowners by the end of the decade," says Alphonso Jackson, HUD secretary.

FHA-insured loans are attractive to low-income and first-time home buyers because the agency requires only a 3 percent down payment.

if you are a first time or low income buyer with no money to put down why are you spending that much on a house?

at 290,000 you are looking at roughly a payment of 2800. At 30% of income that is 9,000 a month or 108,000 a year which is in at least the upper 5th of US incomes.

so that low income is bogus

as for first time at that salary, one year in a modest apartment would allow you save the down payment
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