It looks like zero down mortgages may well be headed for extinction. I spoke to a friend in the mortgage business the other day, and he told me things are changing almost hourly in the mortgage business. Then I ran across this story in the Washington Post confirming his comments. According to this article, four out of every ten home mortgages in 2006 and 2007 was a zero down arrangement. When the whole sub-prime thing started, zero down loans dried up for those whose credit was not up to par. But as more and more mortgage companies are taking it on the chin, zero down loans are even drying up for those of us with great credit. It looks like this trend is going to continue for some time. There is no evidence of any kind of reversal in the near future. Things are getting increasingly dicey in the mortgage industry, and the once readily available money supply has started to dwindle. If you would like to read this very informative article, click here. Dont’ miss this one.
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