30 yrs ago you had to have 20% to put down...then California complained about redlining and minorities weren’t able to buy a house.
Then when they did and couldn’t make payments they left...banks were stuck with mortgage hence 2008 meltdown.
In 1979 my husband and I bought a house. FHA with 5% down. The 20% down thing is an urban legend.
A SEASONAL illegal worker in California was able to buy a $650,000 house in Fresno, Calif.
It was repossessed 8 months later—only made ONE payment.
I am NOT kidding.