Monday, July 21, 2008

Ventura County May 2008 down payment size

Here is another scatter chart showing what type of loans and down payments were necessary to close a home in Ventura County in May 2008. I broke out the different classes of loans in different colors to help differentiate who was making the higher LTV loans. FHA (which is fighting the down payment assistance loophole) and VA are where it is at in terms of low to no down payment loans. Both are Full doc however so these borrowers do have the cash flow to get qualified.

Most conventional loans about the conforming limit of $417,000 that are in "Conforming Jumbo" territory mostly start at 10% down and more. There are some FHA high LTV loans above the conforming limit as well but these are borrowers with proven income and paying mortgage insurance. By comparing this chart with the earlier September 2006 chart you can see both the depreciation and lack of high LTV high value loans (the nearly solid line of blue at 100% LTV).

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