Mel Watt, Director of the FHFA, has released his prepared remarks for the National Association of Realtors Conference. In his remarks, he addresses the lower down payment options that should be available soon with conforming mortgages and that they will require compensating factors.
Reduced Down Payment Conventional Loans may require Compensating Factors
November 7, 2014 by 1 Comment
Why use an FHA Mortgage for your home loan?
November 2, 2014 by 3 Comments
EDITORS NOTE 2/3/2015: Since writing this post, HUD has reduced mortgage insurance premiums (yay!) and loan limits have changed. Part of the fun of writing (and reading) a mortgage blog is that guidelines and programs change constantly. Reader beware. 🙂
When Washington state home buyers and home owners request a mortgage rate quote from me, they have many options, including FHA or conventional financing. Over recent years, conventional financing has become a more popular mortgage than FHA, despite FHA’s lower down payment requirements.
What’s not so hot about FHA?
Conforming Mortgages set to Reduce Minimum Down Payment
October 22, 2014 by Leave a Comment
At the MBA Annual Convention this week, Mel Watt, Director of the FHFA announced that Fannie Mae and Freddie Mac will be reducing the minimum down payment.
“To increase access for creditworthy but lower-wealth borrowers, FHFA is also working with the Enterprises to develop sensible and responsible guidelines for mortgages with loan-to-value ratios between 95 and 97 percent. [Read more…]
National Home Buyers Fund Down Payment Assistance now available!
March 20, 2014 by 8 Comments
EDITORS NOTE: It appears as though this program is being suspended effective the end of February 2016. If you’re considering using a grant, you might want to check out other down payment assistance options such as Home Advantage.
I am just learning about a down payment assistance program (dpa) that I now have available at Mortgage Master Service Corporation. The NHF Platinum Program is a little different than what you may be used to as it’s a grant that does not have to be repaid.
Reader Question regarding Down Payments for Second Homes
February 13, 2014 by Leave a Comment
I received this comment from one of my readers on a post about occupancy and I thought it would make a good post all on it’s own.
What is the normal down payment on a second home? Our credit is in the “good” range and our debt to income is very good.
Fannie Mae HomePath Minimum Down increased to 5%
November 14, 2013 by 2 Comments
This weekend, Fannie Mae will be updating DU (Desktop Underwriter) to reflect the new higher minimum down payment requirements. I’ve written about that here.
This new underwriting guideline will also impact Fannie Mae HomePath mortgages, bringing the minimum down payment from 3% for owner occupied purchases to 5% down.
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