New FHA rules and regulation

[Irvinecommuter]

if some one cannot afford a home with 20% down and has to rely on FHA, it is probably not a good idea to buy a house any way.

What if someone doesn't *want* to put 20% down and can afford the higher payments?

Also..FHA is good for people with bad credit scores and allows you to get cash out.

I get the concern but most loans out there require a score of above 700...there are a  number of legitimate reasons why someone who fall under 700, especially a couple where one spouse has a low score while the other. 

 

[socal78]

if some one cannot afford a home with 20% down and has to rely on FHA, it is probably not a good idea to buy a house any way.

I don't know if it's always a matter of "having to rely on FHA". I remember IrvineRenter saying he wanted to go with an FHA when it was time for him to buy because of the advantage of the loan being assumable.

 

[jayl23]

So who was that doubting my "Legend of the Drunken Master FCB"?

Hehe...fixed it for ya