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Thursday, January 6, 2011

Does Wells Fargo now want 30% down payments?

It's a suggestion to reduce their risk.  However, requiring 30%, granted no more FHA programs, would be serious pressure on home prices.  A average new house in Orange County is $589,000 and 30% would be $176,700!  That's about 2.5 times the average household income in Orange County.

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