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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Pogeu Mahone who wrote (84715)	8/11/2007 4:24:42 PM
From: Tradelite	Read Replies (1) \| Respond to of 306849

re: percent down required....... I probably couldn't answer that concisely even I were still working on the street and dealing with buyers and lenders. Depends on the qualifications of the buyer, the appraised value of the property, and whether it's a conforming or jumbo loan, an FHA or VA loan, a portfolio loan, an investor loan, etc. etc. I imagine you can get by with five percent down on a conforming, owner-occupied home loan, as long as you've got the documented income to make the loan payments. Adjustable rates are still available for both conforming and jumbo loans, from what I understand, so no one should assume the ARMS are gone forever. If you're a really well-qualified buyer who wants a jumbo, you might also get by with 5 or 10 percent down, but you'd again have to document good income and cash reserves. A person with money, who doesn't want to borrow more than the house will appraise for, can still get a loan, I'm sure. The biggest difference between now and months ago is the level of income verification and asset/debt documentation that lenders will require for jumbos. They've always needed this documentation if selling a conforming loan to fan or fred or making an FHA/VA loan, so nothing's really new there. If you really need the latest rate info, call any mortgage banker or check the ones in your area on the web. They probably have rate info available there.