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Message
California passes new law where only have to put down 3% for new home instead of 20 %
Posted on 11/6/26 at 12:47 pm
Posted on 11/6/26 at 12:47 pm
Posted on 11/6/26 at 12:49 pm to tigerskin
FHA loans already exist at 3.5%
0% down financing is already available for VA loans and some USDA loans
What exactly do you think that you've uncovered here?
Are they off the hook for PMI or still required to pay it?
0% down financing is already available for VA loans and some USDA loans
What exactly do you think that you've uncovered here?
Are they off the hook for PMI or still required to pay it?
Posted on 11/6/26 at 12:50 pm to tigerskin
Umm that’s been a thing
Posted on 11/6/26 at 12:51 pm to tigerskin
You've been able to put down 5% for as long as I can remember. What happens if you default on the Cali loan but not the mortgage?
Posted on 11/6/26 at 12:51 pm to tigerskin
You can avoid PMI at 20% but 97% loans have been a thing
Posted on 11/6/26 at 12:52 pm to tigerskin
Using a second mortgage as a down payment will result in significantly higher default risks for pretty obvious reasons. Now this can make it easier for cash strapped folks who dont have 20% down to get into a home but these loans will default at a very high level and presumably the state (and primary mortgage lender) will get left holding the bag
Posted on 11/6/26 at 12:52 pm to tigerskin
quote:
How: the state lends you the other 17% as a second mortgage, funded by up to $25 billion in bonds.
Having two mortgages totaling a million instead of just one is really going to help make it affordable.
Posted on 11/6/26 at 12:52 pm to boogiewoogie1978
quote:
What happens if you default on the Cali loan but not the mortgage?
I'd have to imagine that risk is priced into the bond rates. Legit question though.
Posted on 11/6/26 at 12:52 pm to tigerskin
Is this supposed to draw people to move back lol
Posted on 11/6/26 at 12:53 pm to tigerskin
Oh boy!
Let’s give more money to the banks and be in debt forever.
And you know what’s crazy….many of those banks are ran by the dreaded Jews. That’ll irritate some here.
Let’s give more money to the banks and be in debt forever.
And you know what’s crazy….many of those banks are ran by the dreaded Jews. That’ll irritate some here.
This post was edited on 11/6/26 at 12:54 pm
Posted on 11/6/26 at 12:59 pm to tigerskin
quote:
the state lends you the other 17% as a second mortgage, funded by up to $25 billion in bonds.
Oh I can't wait to check in on this in 5 years or so.
Posted on 11/6/26 at 1:02 pm to Powerman
quote:
FHA loans already exist at 3.5%
0% down financing is already available for VA loans and some USDA loans
What exactly do you think that you've uncovered here?
Are they off the hook for PMI or still required to pay it?
You think California homes are under the price point do that?
Posted on 11/6/26 at 1:02 pm to tigerskin
I mean, if ya cant save up 20% for a house, you're probably not gonna be a good homeowner.
Posted on 11/6/26 at 1:04 pm to Billy Blanks
quote:
You think California homes are under the price point do that?
I think California is a big state with a great degree of varying pricing depending on location and quality/size of the domicile.
Every now and then I get bored and start looking at home prices in different areas. Obviously you're not going to find cheap housing in Rancho Palos Verdes or Manhattan Beach but there are places in California where the housing isn't as steep as you might think. Whether you would actually want to live there is another story but that goes for every state.
Posted on 11/6/26 at 1:08 pm to tigerskin
Translation: Voters choose to use collective tax dollars to pay private mortgage insurance for individuals.
Posted on 11/6/26 at 1:10 pm to Powerman
quote:
FHA loans already exist at 3.5%
0% down financing is already available for VA loans and some USDA loans
Both are limited options for those who are found to qualify. This is for everyone
Did you even think as you were typing ?
Posted on 11/6/26 at 1:10 pm to Powerman
quote:
Are they off the hook for PMI or still required to pay it?
Off the hook, that's the point. It is essentially a 17% downpayment assistance program.
Posted on 11/6/26 at 1:14 pm to GoCrazyAuburn
Going to be interesting to see how lenders adjust because in reality, the borower isn't really in any better shape. Yes they are only on the hook for 80% of the mortgage insteady of potentially 97%, but the borrower is just as risky of a borrower in both scenarios.
Posted on 11/6/26 at 1:16 pm to tigerskin
This could get really messy. Less conservative banks push for loans to close to increase their portfolio by using internal evaluations of collateral.
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