Mortgages Just Got Harder To Get!
Posted by teamthompsonfl on March 21, 2008
Unfortunately, I just read a St Pete Times Article – http://www.tampabay.com/incoming/article426162.ece – That explains that mortgages just got even more difficult to get.
To Summarize: To qualify for PMI (Private Mortgage Insurance) – which is something you need if you are putting less than 20% down on a house (*Unless you are getting an FHA or VA Loan) – You now have to put at least 10% down, instead of the 5% previously required. That means if you want to buy a $200,000 house… you will need at least $20,000 down PLUS your closing costs. WOW. Makes it tough. Looks like FHA Loans just became EVEN MORE favored!
Call Team Thompson if you want to find a GOOD FHA Mortgage Broker! 813-928-4357 Chris@TeamThompsonFL.com
Mortgages Just Got Harder To Get! said
[...] Stop Repossession UK wrote an interesting post today onHere’s a quick excerpt Unfortunately, I just read a St Pete Times Article – http://www.tampabay.com/incoming/article426162.ece – That explains that mortgages just got even more difficult to get. To Summarize: To qualify for PMI (Private Mortgage Insurance) – which is something you need if you are putting less than 20% down on a house (*Unless you are getting an FHA or VA Loan) – You now have to put at least 10% down, instead of the 5% previously required. That means if you want to buy a $200,000 house… you will [...]