Mortgage industry fights to keep 3.5% down payments

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Both GSEs have posted details of the program modifications and procedural changes on their respective business sites for mortgage servicers to follow (Fannie’s, Freddie’s). HARP 2.0 – Reviewing the Changes – Reviewing the GSEs Rules for harp 2.0.. vary for some of the changes as noted in the actual guidance.

Get a 3% Down Mortgage with No PMI. They will accept loan amounts up to $417,000, the conforming loan limit. Another community bank based in New Jersey, Valley National Bank, lowered their down payment requirement to five percent from 25% for certain buyers on the East Coast.

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Obama Signs First-Time Homebuyer Tax Credit Extension Mortgage industry fights to keep 3.5% down payments · The market might gain a bit more, on average, but the 6% is guaranteed. I think most folks now are down in the 3-5% range given the lower interest rates over the past several years, making this a much harder decision.

New FHFA working paper reimagines housing crash "Mounting evidence suggests that the notion that the 2007 crash happened because people with shoddy credit borrowed to buy houses they couldn’t afford is just plain wrong," writes Gwynn Guilford."The latest comes in a new NBER working paper [pdf] arguing that it was wealthy or middle-class house-flipping speculators who blew up the bubble to cataclysmic proportions, and then wrecked local.

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"Affordable Loan Solution" Offers 3% Down Loan. A new loan program requires just 3 percent down and no mortgage insurance. The "Affordable Loan Solution" mortgage is a new loan program from Bank of America that is intended to be a less expensive option than the popular FHA-backed mortgage.

20% Down Payment On House Or Buy Now? If your down payment on a conventional loan is less than 20%, you must pay private mortgage insurance (PMI), which covers the lender if you stop paying your mortgage and default on your loan. The yearly cost of PMI is about 1% of your outstanding loan balance and is added to your monthly mortgage payment.

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A reader got in touch this week about a question related to down payment assistance for FHA mortgages. "I’m buying a home for 175,000. I’ve been cleared to close. Ive been approved for $30,000 down payment assistance which has covered all my down/closing fees." "A day before closing the FHA is saying I still need to pay 3.5% of the purchase.

Someone from the mortgage industry will say something like: "The way things are going now, I wouldn’t be surprised if the FHA raised their minimum down payment to 5% in the near future." While it’s true the FHA has made some changes to boost its capital reserves, higher down payments are not one of them. Not yet, anyway.

Mortgage Payment Calculations for 3.50%: 3.5% for $100,000 – 30 Years Fixed Mortgage – $449 3.5% for $200,000 – 30 Years Fixed Mortgage – $898 3.5% for $300,000 – 30 Years Fixed Mortgage – $1,347 3.5% for $400,000 – 30 Years Fixed Mortgage -$1,796