I think that was too restrictive. In fact, when we bought our house 21 years ago, with 10% down, I don't think we met that qualification. But the house we bought was only about 1.5 times gross income and we were on career paths with likely increases in salary.I bought a house in 1986 with a 3% down FHA loan which required prepaid insurance. A few years later when my equity was obviously over 20% I refinanced to get the ~60% of the prepaid insurance ($1450) back. That paid for the loan expenses and my interest rate was 1.25% lower.That was the lowest down payment you could get without going to interest rates that were 2.5%+ higher and you had to have FHA to get that 3% down payment.Paul
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