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Mortgage Insurance

The 3 Percent Down Payment Mortgage is back.

Freddie Mac and Fannie Mae are now again offering 3% down Mortgage Loans.

This is possibly a good sign that our housing market is stabilizing and home owners are once again starting to see some appreciation on their investment.

The 3 percent was offered in the past, but when it became too risky for Freddie Mac and Fannie Mae to back these loans, they were no longer available and you needed a min. of 5 percent to get a Conventional loan.

I will add at this time that it is always better to be able to put down as much as possible because on the whole, the more you put down, the better your interest rate will be.

With most first time home buyers and their inability to save for a large down payment, the lower the required down will allow more young, first time home buyers, to be able to become home owners.

Yes they have always had the option...

FHA Delinquencies on the Rise in September 2012

As of September 2012, the Federal Housing Administration has seen a 17.3% rise in the number of delinquent mortgages it holds. The October 2012 edition of FHA watch showed that the FHA has lost $28.3 billion in written off mortgages, if the GAAP standards imposed by privately run businesses have been complied with. With a 4% capitalization taken into account, the FHA stands to lose up to $67 billion this year.

When the FHA formed in 1934, down payments with a 20 year mortgage were reduced from 50% to 20%. However, this momentary stability was altered when congress, in the 1950s, permitted the FHA to allow a 30 year period of 95% LTV, which meant that, for the first time, borrowers had to fork out only 5% of the down payment. Thus, purchasing houses became easier and house sales blossomed. This came with the unprecedented consequences of increased foreclosure...

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