Real estate blog entries tagged with down payment by Jason Schweiger (Network Funding LP)

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Home : Blogs : Jason Schweiger : Issaquah, Bellevue, Redmond, Kent, Covington, Auburn, South King County Real Estate - Active Rain : Tag "down payment"

down payment: Non-occupant co-borrower's guidelines for conventional home loans (Fannie Mae or Freddie Mac). - 02/14/11 07:16 PM

There have been many questions regarding borrowers obtaining loans with non-occupant co-borrowers. Here some basic simple guidelines for the non-occupant co-borrower on "Conventional" (Fannie Mae or Freddie Mac) loans. These do not apply to FHA loans, as they have their own rules.
•·         Minimum 5% down payment must be from the borrower's own funds;
•·         Applications with occupant and non-occupant co-borrowers when the LTV is greater than 80%, the minimum required contribution must come from the occupant borrower;
•·         Non-occupant Co-borrowers, the maximum LTV/CLTV is 90%. Interest Only loans are not eligible. The non-occupant co-borrower may be a relative or a person with … (7 comments)

down payment: The laws about mortgage insurance. Lenders will be sure to add it back in. - 10/14/07 12:14 PM

Lenders had previously developed many programs that did not include mortgage insurance on loans greater than 80% LTV. I think that is about to change. Lenders have been losing money on defaulted loans and they will take that risk out of their loans. Here is the latest law regarding mortgage insurance.
Mortgage Insurance Law
When putting less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan. The Homeowners Protection Act of 1998 establishes rules for automatic termination and borrower cancellation of PMI on home … (4 comments)

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Jason Schweiger

Auburn, WA

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Puget Sound Mortgage Broker working hard for my clients in the entire Puget Sound region including Issaquah, Bellevue, Seattle, Redmond, Kent, Auburn, Maple Valley, Covington, Renton and more.

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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.