I never expected to see this anytime soon, if ever (from a local real estate ad):
Let us open the door to your dreams with an FHA Mortgage Loan. . .
As little as 3.5% down
Up to $729,750 loans
Entire down payment can be a gift
Up to 6% seller paid closing costs
To misquote Shakespeare,
Toil and trouble . . .
This is worse than the first time round, because the FHA is the Federal Government. For an inscrutable reason, the Federal Government is not saving its pennies for healthcare reform or simply to meet its trillions of dollars of obligations to current and future retirees, and certainly not to support industries that would export goods and services to foreigners, but instead is putting the taxpayer on the hook to support a particular level of home prices.
Trying to invest sanely in an insane world is not easy.
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