3.5% Down payment stays... At least for now....

Mortgage and Lending with Mortgage Services, Inc.

The Senate rejected a measure yesterday, May 12, 2010, that would have required home buyers to make a minimum down payment of 5 percent on thier home purchases. This has been talked about for the past few months and at least for now home buyers and other real estate professionals can relax a little bit.

With the Federal home buyer tax credit gone, it may drive down some of the momentum for purchases that buyers have been making for the past 6 months. Any positive news should be acknowledged and recognized as a something good for the consumers and professionals in our industry. 

Written by Ronald Giannamore

Mortgage Services, Inc.




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Stacey Smith
Keller Williams Realty - Aliso Viejo, CA
Your Orange County Beach Cities Realtor

That is good news Ronald, I know in Norco and Corona California, most of my buyers are FHA and they have just enough money in thier accounts to cover the 3.5 down and closing costs with no assistance, and if they where to raise that downpayment to 5 percent, I would lose a majority of my buyers because they don't have enough right now, that would set them back a few months.

May 13, 2010 05:41 AM #1
Ronald A. Giannamore
Mortgage Services, Inc. - Westport, CT

Dear Stacey,


Thanks for your response as I believe many agents would feel the pinch, not to mention home buyers as well who may be set back a bit inorder to save the additional amount required.

Good luck and have a prosperous 2010!



May 13, 2010 06:05 AM #2
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