Some of you may have seen the article in yesterday’s paper stating that there is a push to require a min. 10% downpayment on conventional loans. This is just the tip of the iceberg, I’m afraid, as there is a push to eliminate Fannie and Freddie in their entirety, and let the private mortgage market handle the bulk of lending. FHA and VA max. loan limits would be lowered too, to drive more borrowers away from government loans. FHA will increase their monthly mortgage insurance premium again starting on April 18th. For most loans the premium will increase from .90 to 1.15. So once again, there are real reasons to encourage borrowers to buy now. The trifecta of low rates, low sale’s prices, and low downpayment mortgages is not going to last forever!
Teesie Howell
Loan Officer
Presidential MortgageGroup
4701 Cox Road Ste. 365
Glen Allen, VA. 23060
217-4925 (direct)
804:512-1578 (cell)
804:270-1855 (fax)
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