Quote:
Originally Posted by elchivito
No argument there. Is FHA still accepting 3% down?
As far as the 50% goes, my RE agent mentioned it today. He didn't specify whether that was a local figure or not but it might be. Our market here is good. Fewer homes listed now than in a very long time and almost none in default. My immediate area is not particularly prosperous. 75% of the kids at my school qualify for free lunches, a good indicator IMO.
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You're in rural Texas, right? Two things going for you all:
(1) the old Texan homestead law which strongly discouraged some of the crazier lending practices
(2) the bubble being largely an urban and suburban phenomenon (Vegas, LA, San Diego and Phoenix were probably the worst hit)
Have to say that Texas reining in the banks in the 1890s was a truly smart and forward-thinking decision.