About 1/3 of homes sales are cash and growing each month.
Source

We all better hope this gets fought in court and overturned, or at least the part about private loans gets taken out. If not it will be another housing bubble that is going to hurt when it pops.

The article said 28%, which I’d assume are foreclosures, flips, business ventures, etc. I’m referring to the average American buying a brand new or almost new house with cash. It ain’t happening.

Nobody should be financially penalized for being financially responsible. That’s exactly what the new law does.

Rewards poor choices while penalizing smart choices.

My last mortgage was with them, no issues at all.

Well now I don't know if our timing was good or bad on us buying my wife her dream home. Instead of a big ole mortgage we could've had y'all paying for it since we're poor folks.
For the record, it is her dream home but I'm fond of it too.

20% closing cost? As in $20,000 on a 100k loan? So, the borrower is upside down from day 1? I've bought a couple houses in the last 20 years and I know I thought 1% was too much. 20% wouldn't even make good financial sense unless you were buying way below appraisal. You sure you aren't thinking of PMI (mortgage insurance) that you're required to purchase if your not putting down 20% of the appraised value to get your LTV below 80%?

Don't you mean 20% to avoid PMI?

One is a risky loan, the other not so much. Young folks should build some credit as they go, even when in their late teens.

I know of a young Mech Engineer that I worked w' several years ago. He had a professional well paying job as did his wife w' nursing job at HSV Hospital. He'd payed his own way through college paying cash as he went. Neither of them had debt, and neither had ever borrowed money, not even for a car payment. Got tired of renting & wanted to buy a home. Coud not get a loan. Neither had any credit.

20% down payment is the standard for most loans I ever got, was 10% a long time ago. 1% closing cost.

I think the majority are living paycheck to paycheck. Zero savtdor anything. Large down payment ain't happening out side what they get in tax refund.

There is manual underwriting for instances like this but finding the lender that can do it isn’t easy.

I remember when the goal was to have the best credit rating possible so you could get the best rates.

This punishing the responsible financially is such BS.

I, also, think that there should be some options for those young folks who have managed their money well and never had to borrow. A good track record on rent and utility payments, length of time at job and income should account for something. It might be a smart niche investment opportunity for someone willing to take the risk that has the capital to float a private note - kind of like owner finance, but with a third party individual instead.

no 20% plus pmi, and 5k down. I know I got ripped but I bought from a friend that was dying. The price of the house was 45k with over 7.5k in closing cost. I had two loans and I asked the loan company to pick the best lawyer, the lawyer turned out to be some fag who now works in ardmore by the initials b. h. I dogged everyone involved out but bought it to help my friend. because of this my next house was bought with cash and the closing cost was $350. I always just pay cash now. But yeah the system is a little backwards and they do prey on the poor. Makes me angry.

When I posted, I read an article that explicitly stated Government funded loans. Whether that's the true proposal happening , I don't know.

Update: I just found another article stating it doesn't affect FHA loans but will convetnional lol

Liberals

I know several couples who lived in a trailer or small house, saved for years, then paid cash. Or borrowed very little to finish it.

Yes it is

That's some interesting reviews! We had the loan with them for around 6 years and no problems, of course we never missed a payment or really needed customer service. Paying the loan off was a simple process, they sent the paperwork and I wired the funds. In about a week we got the loan closure documents and notice that they had sent them to the courthouse for deed release.