Hat tip to DOB for sending this in:
Here’s a corresponding article from the nytimes.com that correctly notes that the leading states have higher priced real estate that require bigger down payments:
“We are stricter with credit scores for buyers,” he said. “Our limit is 660 to 670 from FICO, while the F.H.A. will take lower, maybe down to 640. We also have tightened the debt-to-income ratio; we keep it at 45 percent of buyers’ projected income, and F.H.A. will keep it at 55 percent. But 5 percent money is out there, it is widely available” among banks.