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FHA says cash reserves are down sharply

 
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Renting in Mass



Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011
PostPosted: Thu Nov 12, 2009 5:22 pm GMT    Post subject: FHA says cash reserves are down sharply Reply with quote
http://www.nytimes.com/2009/11/13/business/economy/13fha.html?hp

If they FHA goes down, where are people going to get mortgages with 3.5% down? People might have to actually save up some cash to buy a house. Oh the humanity!
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Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston
PostPosted: Thu Nov 12, 2009 5:29 pm GMT    Post subject: Re: FHA says cash reserves are down sharply Reply with quote
Renting in Mass wrote:

If they FHA goes down, where are people going to get mortgages with 3.5% down? People might have to actually save up some cash to buy a house. Oh the humanity!


It's not even 3.5% in states like Massachusetts where you can get an advance on the home buyer tax credit and use that toward the down payment. Maybe once the FHA goes bust they will expand the tax credit to cover a 20% down payment.

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Renting in Mass



Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011
PostPosted: Thu Nov 12, 2009 7:01 pm GMT    Post subject: Reply with quote
Quote:
Maybe once the FHA goes bust they will expand the tax credit to cover a 20% down payment.


Good thinking! You should run for congress Wink
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