Another POV; am I wrong in thinking that, while FHA might apply to those with less than stellar credit, doesn't it also benefit those who are first time buyers when the steep cost of entry for places like NYC is cost prohibitive? That's sort of my personal experience. We're looking to buy, have pretty good credit (700+) and a little in the bank, but when you're looking at ~$400K just to get into something, and you're trying to come up with the savings for that while also dropping $2K+ a month on rent, that saving process can be a slow go for those on a modest salary. I'd hate to think we're lumped in with the "disaster waiting to happen" people simply b/c we don't make tons of cash and NYC just happens to be crazy expensive.
Another POV; am I wrong in thinking that, while FHA might apply to those with less than stellar credit, doesn't it also benefit those who are first time buyers when the steep cost of entry for places like NYC is cost prohibitive? That's sort of my personal experience. We're looking to buy, have pretty good credit (700+) and a little in the bank, but when you're looking at ~$400K just to get into something, and you're trying to come up with the savings for that while also dropping $2K+ a month on rent, that saving process can be a slow go for those on a modest salary. I'd hate to think we're lumped in with the "disaster waiting to happen" people simply b/c we don't make tons of cash and NYC just happens to be crazy expensive.
Posted by: UnrealEstate at June 29, 2009 11:00 AM in response to F.H.A. Loans Skyrocket in Popularity