Getting A Conventional Mortgage May Be Getting Easier

Dated: 10/21/2014

Views: 381

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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