3% down.... 30 year note. People are just dumb. I’m a Realtor. I see it everyday. People call you and want to buy a house, and they have about $150.00 saved at the moment. (until their cable bill comes in) But mom and dad is going to gift them the 3% they need to put down... and the government will back the 30 year loan. I mean, I have to sell to people like that or I’ll lose my Real Estate License... but... I sure like to do business with people who have money and are buying something they can afford. People I know are going into a deal that will end up successful.
Sad to say, such people are at higher risk of default at some point. I would be concerned these policies will simply set us up for another mortgage crisis down the road.
Of course financial situation is primary reason my leads drop out
We don’t show until financing clear
Best wishes
I'm not sure I'd want to get into the rental business given the vast pool of less than desirable renters, but I have a friend who does pretty well with it.
3% makes me gasp. I just bought a small condo (after renting and living on rice and beans for 20+ years) but I put 40% down. Hopefully I can pay the rest of the mortgage off fairly soon and in th meantime, I didn’t want a crazy montly payment that will kill me.
As a realtor,kjam22... may I ask you a question? It use to be 20% down. When did the lower down payment begin? Do some of the buyers still abide by the 20% rule?
Of course financial situation is primary reason my leads drop out
We don’t show until financing clear
Best wishes