Sunday, September 25, 2011

20% Down Payments Unlikely Until 2013...If Ever

The Housing Bust won't be "over" by 2013 (shadow inventory, global recession of 2012, etc.) But even if it were, that's the earliest that the 20% rule might go into effect.

Six Federal agencies -- The Federal Deposit Insurance Corp., the Treasury’s Office of the Comptroller of the Currency, the Department of Housing and Urban Development, the Federal Reserve, the Securities and Exchange Commission  -- are currently wading through 12,000 comments filed on the subject.    Read.  Right now, rates are at historic lows, hovering around 4%; some lenders will offer the lowest mortgage rates based on credit score, not % of downpayment.

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