“With the Federal Reserve System buying half a trillion dollars worth of Fannie Mae and Freddy Mac IOUs a year, the mortgage market is flooded with newly created money. Lenders are now offering 3% down payment mortgages. Why, it’s 2006, back from the grave. There is a problem here: the number of mortgage applications has remained flat for three years. So, the recovery is nowhere near a bubble. Not enough people can qualify for loans. The rates are great, but only if you qualify. The time to buy an income-producing rental home is sooner rather than later. But don’t pay retail. Shop.”
http://teapartyeconomist.com/2013/04/03/3-down-mortgages-theyre-back/
