I just read an article about the Federal Housing Finance Agency and their plans to loosen the rules on qualifying for a mortgage. That's great news! Some of the changes include smaller down payments. Currently the minimum down payment on a conventional mortgage is five percent. The new minimum could be as low as three percent. That's lower than FHA's mortgage minimum of, currently, 3.5%.
Other changes refer to banks' buyback of defaulting mortgages, which may also end up trickling down to the consumer/borrower in the form of easier credit score qualifications.
Change, once again, is coming to the Mortgage Industry, and this change looks to be for the better.
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