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Do You Remember FHA-235's?
I remember buying my first house back in the late 80's. We didn't qualify for a conventional loan however, we purchased a home that was under the FHA-235 program. The house payments were based on income allowing more families who otherwise could not purchase a home, to do so. I felt so lucky because it was a major stepping stone to selling and purchasing my "dream home".
This program has disappeared but WOW! Wouldn't it be nice to have it back now?
Because of lenders tightening up qualifications etc. fewer people are qualifying and when they do, I'm finding they qualify for much less!
I think this could possibly stimulate the housing market even more! What do you think?
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