How Common Are FHA Loans these days?

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How Common Are FHA Loans these days?

invite response
2016 Jun 10, 6:42am 1,603 views 8 comments

Hi guys, how common are FHA loans these days in the Bay Area?

Yes, you'll have the 0.85% of the loan to pay in PMI annually, but with the level of buying competition today in the Bay, can anyone realistically expect to buy a house in 2016 with 3.5-5% down??

I have been hearing from friends and colleagues that these are slowly starting to become common again after they vaporized shortly after the subprime crisis a few years ago.

What's the status now?

Comments 1 - 8 of 8 Search these comments

1 HEY YOU 2016 Jun 10, 8:34am

We need low interest mortgages so suckers can overpay for shacks.

joshuatrio 2016 Jun 10, 10:57am

Friend of mine just bought a nice place for $275k. 0 down. VA loan I believe though.

BayArea 2016 Jun 10, 11:26am

Iron-man... posted that late at night and made the correction above.

I don't know about you but when I'm with a group of guys and girls, I refer to everyone as "hey guys". Maybe I'm just racist as you suggest lol.

Ironman says

I read that Wells Fargo might be offering a 3% down loan.

http://www.cnbc.com/2016/05/26/wells-fargo-launches-3-down-payment-mortgage.html

My guess, they're getting more desperate for new loans.

Ah, up to $417K kills it for us Peninsula folks when median home prices are 3x that amount. I understand why they cap it at $417K however.

HEY YOU says

We need low interest mortgages so suckers can overpay for shacks.

That's right. Remember, rates have an inverse relationship with home prices. You can refinance a high rate, but you can't wiggle your way out of an overpaid price-tag.

joshuatrio says