Quote:
Originally Posted by 48Laws
Regarding your FHA comments: the increase in FHA delinquencies is on par with the rate of increase in delinquencies with conventional loans. Lol. and???
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Actually you are being dishonest, in the very link I posted earlier in the thread:
http://money.cnn.com/2012/07/09/real...cies/index.htm
... it shows that Fannie/Freddie, and privately held bank mortgage delinquencies are actually dropping (probably because their underwriting standards have become more strict since the economic collapse in 2008). FHA held mortgage delinquencies are rising extremely fast because they allow people to only put down 3.5% on a $300,000 home like YOU are suggesting. Putting down 3.5% on a $300,000 home is insanity. If you can only save up $11,000, you shouldn't be buying a home worth $300,000. The statistics undeniably show that people taking YOUR advice simply don't know what they are doing, and end up in foreclosure.
You can claim otherwise, but the data shows that FHA loaners are increasingly defaulting. FHA is going to implode fairly soon with people who acted on advice like you have given out. It's knuckle-headed, consumerist, garbage, that got many people in trouble from 2002-2008. Simply, some very horrible advice.