Getting Mortgage May Never be the Same

Cincinnati Enquirer Mortgage Article

• Future home buyers would have to put 20 percent down to get the best home loans. Eligible borrowers could owe only a minimum amount of other debt
• Potentially hardest hit: First-time buyers with little cash and current owners whose home values have fallen, depleting the equity they might have built up
• Under the proposed new rules, the best mortgages would be reserved for buyers who make 20 percent down payments and whose overall debt is less than 36 percent of gross income
• In Greater Cincinnati and Northern Kentucky, families would need up to 10 years to save the $25,200 needed for a $126,000 home, the local median price
• One exception to the new proposed rules would be loans guaranteed by the federal government, including those insured by Federal Housing Administration (FHA). They would continue to operate as today, exempt from the extra costs.

Mortgage Rates Plunging

http://money.cnn.com/2011/08/03/real_estate/mortgage_rates_freefall/index.htm

There is a huge advantage of buying right now with such low rates and housing prices dipping as low as 30%!!!