The mixed message from the Census Bureau’s new home construction report points to the supply chain-related challenges home builders are facing.Building materials are still harder to come by
What You Need to Know about Mortgage Insurance + The Latest Las Vegas Housing & Market Updates
Dated: October 21 2021
Mortgage insurance protects the lender. You’ll have to pay for it if you get an FHA mortgage or put down less than 20% on a conventional loan.
The traditional target for a home down payment is 20% of the purchase price, but that’s out of reach for many buyers.
Mortgage insurance makes it possible to hand over a much smaller down payment and still qualify for a home loan. It protects the lender in case you default on the loan.
With a conventional mortgage — a home loan that isn’t federally guaranteed or insured — a lender will require you to pay for private mortgage insurance, or PMI, if you put less than 20% down.
With an FHA mortgage, backed by the U.S. Federal Housing Administration, you’ll pay for mortgage insurance regardless of the down payment amount.
USDA mortgages, backed by the U.S. Department of Agriculture, and VA mortgages, backed by the U.S. Department of Veterans Affairs, don't require mortgage insurance. But they do have fees to protect lenders in case borrowers default. So you'll still face an extra cost with these home loans in exchange for the low down payment requirement.
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A Southern CA transplant, Dan has over 11 years in home financing with a multi-faceted background in lending and Real Estate. I have The main objective of providing the highest level of customer servi....
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