Mortgage industry fights to keep 3.5% down payments

Getting a Mortgage With a Low Down Payment.. including the 3.5% down payment mortgages offered by the Federal Housing Administration, generally require you to pay for PMI, though there are some.

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Fannie Mae has required a 5% down payment since late last year for most mortgages, though still offered to back loans with a 3% down payment made through some state housing finance agencies.

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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.

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 · The FHA, which is part of the Department of Housing and Urban Development, sells insurance that repays lenders if a borrower defaults. The protection allows borrowers to get mortgages with down payments of little as 3.5% and credit scores as low as 580 on a scale of 350 to 850, making the program a favorite among first-time home buyers.

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.

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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Rising mortgage rates represent a headwind for some home buyers, particularly first-time home buyers that are struggling just to get a down payment. Overall. it’s only a little bit lower than.