down payment loans

• Making Down Payment Less Daunting

Most prospective homebuyers are aware of today's stricter lending standards, but they also face another challenge when it comes to buying a home: the need for down-payment funds. At the height of the housing boom, a variety of no-down-payment loans were available, but those types of loans are rare in today's tightened credit market. Members of the military may qualify for a Veterans Affairs (VA) mortgage, which does not require a down payment, and zero-down- payment loans are available through the Department of Agriculture's (USDA) Rural Development housing program, although those mortgages are restricted by the location of the property and the income of the borrowers.

• The Washington Times
• July 22, 2011

• High default rate for low-down-payment, piggyback loans with no Ml.

Genworth Financial Inc., Richmond, Virginia, released results of a commissioned study that shows low-down-payment mortgages without mortgage insurance...

• Mortgage Banking
• Vol. 71 Nbr. 12, September 2011

• Small Down Payment Loans Will Cost More

The secretary of the U.S. Department of Housing and Urban Development has outlined a plan to Congress to increase premiums for borrowers with small down payments and decrease loan-to-values for borrowers with poor credit scores. The housing agency is requesting authority for the Federal Housing Administration to insure $420 billion during fiscal 2011, which begins on Oct. 1.

• Colorado Springs Business Journal
• March 04, 2010

• Fha Warns It Can't Take Risky Loans ; Down Payment Woes Indicate Future Issues.

WASHINGTON - Losses from home loans that depend on seller-funded down payments are hurting the Federal Housing Administration, its chief said yesterday. He called on lawmakers to address these risks. Data clearly demonstrates that FHA loans made to borrowers relying on seller-funded down payment assistance go to foreclosure at three times the rate of loans made to borrowers who make their own down payments," said Brian Montgomery, FHA commissioner.

• Columbia Daily Tribune
• June 10, 2008

• Down-Payment Help Available

The idea of a home loan with no down-payment requirement causes consternation among some people, many of whom view that type of home financing as part of the bad lending practices that ended in a housing crisis and widespread foreclosures. Yet low-down-payment and no-down-payment loans have been available for a long time through the Veterans Affairs (VA) loan program and the Department of Agriculture's Rural Development programs. Down-payment assistance has been available continuously from government programs that enable borrowers to buy homes with almost no cash needed. Individual lenders also offer low- or no- down-payment programs to qualified buyers, who must meet strict guidelines for creditworthiness and the ability to repay the loan.

• The Washington Times
• August 05, 2011

• Foreclosure Was Key to Home Ownership

There's a lot of stress around buying a bank-owned property," warns Arlene Giunta, who recently bought a foreclosure in Teaneck. She and her husband, Christopher, both 26, were pleased to find a home they could afford, but they had a number of challenges, from oil tank worries to trouble obtaining insurance. After two years of marriage and three years of saving, the couple decided to buy when they learned about low-down-payment loans from the Federal Housing Administration. They were also encouraged by low interest rates.

• The Record, Bergen County, NJ
• July 25, 2011

• A changing climate for low-down-payment loans: under worst-case and best-case scenarios, payment shock is a factor undermining the appeal of interest-only and payment-option adjustable-rate loans. Under a six-year scenario, fixed-rate loans look pretty hard to beat.

Cover Report: Secondary Market - Cover story

• Mortgage Banking
• Vol. 66 Nbr. 8, May 2006

• Loan Conditions Hinge On Size of Down Payment

Potential homebuyers eager to take advantage of today's low mortgage rates and relatively more affordable home prices sometimes are stymied by the prospect of accumulating a substantial down payment. While Federal Housing Administration (FHA) loans are available with a down payment of 3.5 percent, those loans require both upfront and annual mortgage insurance payments. Conventional mortgage loans require private mortgage insurance (PMI) on loans with a down payment of less than 20 percent, but in some cases, the PMI payments along with the principal-and-interest payments will be lower than payments on an FHA loan of the same size.

• The Washington Times
• November 04, 2011

• Low-Cost Business Loans Are Available

POMONA - Pomona businesses hit hard by tight bank financing are in for some easier financing - up to $100,000 - if they are interested, officials said. Using a $1 million pool of funds from the U.S. Department of Housing and Urban Development, the city launched a financial help program last week in which small businesses can tap up to $100,000 in low-down-payment loans.

• Inland Valley Daily Bulletin
• September 27, 2010

• New Fha Rules Lock Out Some Buyers

Borrowers seeking Federal Housing Administration loans will soon feel the pinch, as mortgage insurance premiums on FHA loans have been increased along with borrowers' credit-score requirements. In recent years, borrowers have relied more and more on FHA loans for two reasons. First, these federally insured loans require a down payment of just 3.5 percent of the loan amount, compared with a conventional loan requirement of a 5 percent to 20 percent down payment. Second, FHA loans, because they are insured by the government, generally have looser credit requirements than conventional loans.

• The Washington Times
• May 13, 2011