Posted by Lee on October 11, 2010 at 22:36:35:
Is the average american just broke? What does this say about all the other houses that people are trying to sell. If most buyers cannot come up with a downpayment this doesn’t look great for the housing market.
FHA is even requiring that the buyers put down a 3.5% downpayment. How did people used to save up 20% to put down when they bought their house.
It makes me wonder if people are going to go back to saving up a downpayment for their house.
Downpayment issues? - Posted by Lee
Posted by Lee on October 11, 2010 at 15:31:01:
Is anyone having problems selling houses because it seems that the buyers can’t come up with any type of downpayment?
About 30 of the last callers that has called me about purchasing a house have less than $1000 to put down on a house. Even if the the house is a FHA purchase, lease-purchase, or seller financed house.
Has anyone else had any problems with buyers having a downpayment?
Are all the buyers out there just broke out is this just something that is happening in Alabama?
No it’s just you… - Posted by IB (NJ)
Posted by IB (NJ) on October 12, 2010 at 12:19:58:
Not your personally but you the Investor. Talk to a Realtor. They only deal with serious buyers who can actually save a $1k. Those who can’t go to guys like you (the Investors) hoping to get a break.
Unless its a geographical thing. Realtors up here who are Buyer’s agents have their hands full trying to meet their qualified (i.e. decent credit AND downpayment) buyers’ demands.
Ib
Re: Downpayment issues? - Posted by Ken
Posted by Ken on October 11, 2010 at 16:27:41:
$1000 does not even cover first month rent and security.I am getting the same thing they are all broke.Have your mortgage broker look into the USDA Rural housing program.I am told 100%financing and seller can help with closing costs sometimes get them in for less than $1000 and you may be surprised what areas qualify