How much downpayment?

NEW -> Contingent Buyer Assistance Program
nah. not yet. if you go full doc.





credit is still relative easy to get. the only thing that is having problem right now are state loan above 417k. subprime stuff. i think lending mastro can tell you more in detail.
 
Credit tightening is a process. Standards get tightened slowly as competitive forces stop banks from tightening too quickly and failing to originate any loans at all. High default rates and continued foreclosures will force the lenders to continue tightening or they will go out of business. Credit is still easy to get for those with high credit scores. It is nearly impossible to get if you don't. This is why most of the transactions in the market at still happening at the high end and transaction volume is very low overall. At the bottom of the credit cycle, 20% down will be required by most lenders. FHA and other government programs will be the only way for those with less than 20% to get into the market.
 
Wife and I got pre-approved for a 15-year conventional loan with only 5% down, but our credit scores are high and we have no other debt. We made an offer on a place that's not even gonna be more than our gross annual salaries, so I suppose we're not that big a credit risk.
 
I can undesrtand the credit tightening process. My husband and I have pretty good scores (over 700) not overly too much debt...I dont think our annual salaries are close to nearly what zornudo here makes but i would say its 1/4 of the house we want. We can put down 10% right now and everyone has been telling us to look into FHA. Are the conventional banks lending out money to people like us? Not that I want to buy *now* but just looking now.... In a year or 2, we definitely can put more money down.
 
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