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Originally Posted by hha  I'm almost sure, they've done away with the 0 down because of all the foreclosures..My hubby heard something on the news about it not too long ago..Our son got his in October, and it wasn't too long after that..most banks do require you to have at least 20% down anymore because it's so risky with people losing jobs, etc..And, I can see where they're coming from..they lend the money with 0 down, and you lose your home, they're the ones that get hurt by it |
0% is too risky. For the most part people tend to have to get a piggy back mortgage to cover the whole cost of the purchase. They have a 30 year conventional with a decent rate and then a piggy back with 9% and more to be able to cover the cost of that house.
Houses here in NY are crazy. I got mine for $247k 7 years ago and now the house is worth almost $600k according to the govt..the houses are now selling in the mid to upper $500k range. My friend bougth a year ago around the corner for $530k and put down I think 5% and did the conventional and piggyback. I find that rediculous and scary as hell.