Getting A Conventional Mortgage May Be Getting Easier

Getting A Conventional Mortgage May Be Getting Easier

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. 

Matt Watson Headshot
Phone: 214-417-9171
Dated: October 21st 2014
Views: 335
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