Mortgage industry fights to keep 3.5% down payments

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Under the current limit, a buyer could purchase an FHA-approved home for up to $424,870, putting 3.5% down and financing the rest. The new limit would drop that price threshold to $378,964.

But industry. Loans to keep growing because home sales are contracting after peaking in 2017 and interest rates have been rising. Loan volumes were down nearly 10 percent among the top 40 retail.

 · You’ve made a 20% down payment, which leaves you with $440,000 to finance. Basically, $23,000 is all that stands in the way of getting a 30-year conforming mortgage at 5.9% instead of.

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Is a Low Down Payment Mortgage Good For Homeowners? If you have to put down less than the standard 15% to 20%, you may not be asking the right questions about your home loan plans. Nathan Hamilton

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.

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 · And the down payment of 3.5% means that the borrowers don’t have as much to lose (of their own money) as a borrower who puts in a down payment of 20% should the lender foreclose.

The 3% down payment with no mortgage insurance home loan is a conventional loan called CHFA Advantage. This program offers some obvious benefits with a very low down payment and the extra advantage of no mortgage insurance. However, the benefits do come at a cost with a higher than market average rate and additional closing costs.