I don't own a house and haven't yet (though the plan is to in the next several years).
However, I tried to get pre-approved for a mortgage several years ago, and the bank I went to didn't even want to talk to me without having a 20% down payment on hand, plus additional funding to cover emergencies such as lost pay. I also have very good credit (over 750).
In reply to Sky_Render:
That depends on when you talked to them. Between 2008-2010 it was pretty close to impossible to get a mortgage without a 20% downpayment, in 2012 it wasn't anymore.
Plus, you need to go to more than one bank/credit union and probably avoid the TBTF banks.
Where is this spread?
In reply to DILYSI Dave:
Rossville, IL
Small village of 1300. About 2 hrs from Chicago.
In reply to SVreX:
I'm 1:45 from I-80 most days...from there to The Loop is anyone's guess. I've made it in as little as 30-minutes, or I've been stuck in traffic for 2+ hours.
We're only 90-miles from Indy, and can get into their airport in 1:45 from here. We're an hour either direction from both the U of I and Purdue, so we're not completely remote.
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