Tag: down payment

How to avoid or get rid of PMI

Private Mortgage Insurance (PMI) protects the lender in case you default on your loan. In most cases, unless you have a 20% down payment, you would have to pay PMI. But if that sounds like one more expense you can’t afford, here are some ways you can avoid PMI or get rid of it if you’re already paying for it.

Lender-paid PMI

The way PMI usually works is that you, the borrower, would have to pay an extra fee, along with your monthly mortgage. That extra fee can really squeeze your budget, especially if it’s already tight.

However, some lenders will offer to pay your PMI. Here’s how that works: They’d pay the full amount of the PMI up front, and you’d have to pay it back in the form of interest. It would slightly increase your mortgage rate, meaning that you’d have a higher monthly payment.

To figure out whether this is a good option for you, you’ll have to calculate whether the monthly cost of PMI would be more or less than the increase to your mortgage rate if your lender chooses to pay the PMI for you. Either way, the lender isn’t really paying it — you are. It’s just being distributed differently.

20% Down Payment on a Conventional Loan

The best, and most obvious, way to avoid PMI is to have a 20% down payment on a Conventional Loan. Since you’re putting down 20%, the lender wouldn’t need that extra protection against defaults. So you’d be in the clear.

However, if you couldn’t afford a 20% down payment and had to opt for an FHA Loan, for example, you could still get rid of your PMI once you reach 20% in home equity. Some types of loans have PMI attached to them for their entire lifespan, so in that case, you’d have to refinance to a Conventional Loan when you have 20% in home equity in order to drop the PMI.

VA Loans

If you are a veteran or are currently serving in the military, you are eligible for a VA Loan. The government created this loan program so that returning military members could purchase their own home with zero down payment, low monthly payments and more flexibility than traditional loans. The best part is, VA Loans require no PMI because the government provides a guaranty on the loan in case of default. So if you qualify, you can get a 15 or 30-year fixed VA Loan with zero down and no PMI.

The gift of equity

If you are purchasing your home from a family member, you can accept a gift of equity to lower the loan-to-value ratio. A gift of equity is when a family member sells you his or her house for a lower price than the listed price, and the difference can be used to make your down payment or pay off debt so you can qualify for the loan.

You can’t use a gift of equity on a VA Loan or Jumbo Loan. With an FHA Loan, you could also get a gift of equity from your in-laws or a non-profit organization. In any case, it must come with a letter that says it’s a gift.

For more information on avoiding PMI or getting rid of PMI on your existing loan, contact Riverbank Finance at (800) 555-2098 to schedule an appointment with one of our professional loan officers.

Request Information Now!

Rental Property Quick Tips

You may be interested in rental property as a way to earn extra income, but how should you go about it?

Where to buy?

It’s an old but fitting adage that there are three rules in real estate: location, location, and location. The same is also true for renting out property. You need a good location to attract renters, but there can be pros and cons, depending on where you invest.

For example, if you buy near a university or college campus, chances are you won’t have a problem renting out the place nine months out of the year. The summer months might leave your property vacant while students are no longer in classes.

Other factors, such as how much your competition is charging for their properties, need to be considered. You could find a great deal on a duplex or a quad but find yourself unable to recoup your mortgage and upkeep costs if the area’s average rental rate is too low. You have to think both as a renter and as a prospective tenant to have success.

Crunch the Numbers

Investment properties, like rentals, require a minimum 20% down payment. The money can’t come from large gifts, you’ll need six months of payments reserved in savings, and you have to buy the property as an individual, not an LLC.

Freddie Mac and Fannie Mae also have different rules if your mortgage goes through them. Freddie requires 2 years of documented renting experience on your tax returns in order to list any projected rent as income. Fannie Mae does not.

In addition to all of this, a rental property mortgage also requires that you not have more than a 45% debt-to-income ratio.

All of these factors are reason enough to sit down with a Riverbank Finance consultant to see if you qualify. Contact one of our mortgage officers at (800) 555-2098

Property Management

Another factor that both lenders and owners need to take into account is how the property will be managed. Will it be all DIY? Will you handle finding tenants and hiring a handyman, or will you hire a management firm to do everything but pay the bills? All of these are factors you should consider before you enter a mortgage agreement. It will help you calculate what kind of return your investment will bring back and offer peace of mind to your lender as well.

Plan for bad seasons while hoping for good ones

Let’s face it, your property, at some point, will have vacancies. North Conway, New Hampshire is known for its skiing, mountain trails, and what they call “leaf peeper” season. This means their vacation rentals are full in summer, fall, and winter. Spring can be a vacant season for them for three months if a renter can’t be attracted to come for other activities.

It’s also a good idea to have a rental agreement at least started, if not finalized, to show your lender. That way, on day one of owning the property, you can get to work renting it out with the proper paperwork already done.

Lastly, every renter at some point in their career will experience a delinquent renter who refuses to make a payment. This is why it’s a wise idea to research debt collection agencies to help you recoup the losses.

 

While rental properties do require a great deal of preparation, they can pay off for countless investors who are willing to put in the work.

 

5 Mortgage Myths that are no Longer True

While it can be useful to listen to the advice from others who have gotten a mortgage, you might have heard some wrong information. Or, at the very least, dated information. Here are 5 rules that no longer are true for getting a mortgage:

1. You need a 20% down payment.

I recently spoke to my grandmother about her family’s first home purchase. She told me that they didn’t get a mortgage because, at the time they bought their home, mortgage rates were at a whopping 12%. My parents often warned me that you need to save at least 20% to make a down payment on a house. Fortunately, rates are not 12% anymore, and you don’t need a 20% down payment. Some loans don’t require a down payment at all.

Related: Conventional 1% Down Mortgage

2. Your credit score has to be perfect.

We’ve all made mistakes. Some of us have paid our credit cards late or forgot a medical bill. Those mistakes can wind up hurting your credit score. But the good news is, you don’t need a score of 750 to score a loan anymore! Riverbank Finance has helped borrowers with scores as low as 580 obtain loans.

3. You can’t have student debt.

It used to be assumed that you couldn’t get a loan until that festering student loan from college was paid off. Not true! Student loan debt is no longer a hindrance from acquiring the loan you need for your home. Guidelines are becoming easier to qualify for a mortgage with student loan debt. While our loan officers will need to know how much you owe and the type of loan you are seeking, having student debt isn’t a dead end.

4. Pay it off as fast as you can.

There are numerous “Get out of Debt” gurus who advocate paying off debts aggressively. To some of them, a success story is when a family scrimps and saves to pay off their mortgage within 5 years of buying their home. While paying off a mortgage is always the right thing to do, there are wrong ways to go about doing so: In order for this particular family to pay theirs off, they stopped paying into their 401k, their college savings for their kids, and saving in general. That was not the best plan, because they stopped preparing for their future.

If you want to pay off your mortgage quickly, you must also consider early prepayment penalties. Some loans have rules as to how much a borrower can pay back early. Pay too much, and that money may go to just eating a fee instead of eating away at your interest.

5. Buy the most expensive house you can.

On the surface, buying the most expensive house you can afford seems like a good idea. A home is an investment, after all. Really, when sitting down with one of our loan officers, what you’ll find is they’ll ask questions to help fit what you can afford and what you need into a mortgage. You may not need a home with 6 bedrooms, 4 bathrooms, and 20 acres of land. Think of the upkeep you’ll need to budget for landscaping alone.

It’s important to be upfront about the kind of needs you have when seeking a loan. Schedule an appointment with one of our mortgage professionals at (800) 555-2098 for more information.

Request Information Now!

Invest in Property with a Minimum Down Payment

Two weeks ago, we discussed how first-time home buyers and those with little money could buy a house with a small down payment. For those of you who have a large savings account and excellent credit, here are some options for investing in property, whether it’s a new home or a second home, with a minimum down payment.

Conventional Mortgage Down Payments

Conventional mortgages are best for those with perfect or near-perfect credit. If you have at least 20% down payment, you can avoid paying for PMI (private mortgage insurance). The federal government does not guarantee or insure this kind of loan, and it’s limited to loans up to $453,100. Those buying multi-unit homes can qualify for larger loans, though. The minimum down payment required for a conventional mortgage is 3%, although Riverbank Finance allows you to put down as little as 1% (see Conventional 1% Down Mortgage).

Jumbo Loan Down Payment

A loan of more than $453,100 is called a Jumbo Loan, according to Fannie Mae’s guidelines. Most banks do not have jumbo mortgages, but Riverbank Finance specializes in it. There are many options for jumbo loans, including a 40-year fixed rate, 30-year fixed rate, 15-year fixed rate, 3/1 Jumbo ARM, 5/1 Jumbo ARM, 7/1 Jumbo ARM, and an interest-only Jumbo Loan. You will need at least 10% down payment to qualify for most jumbo loans, although 20% is encouraged. However, if you’re buying a home in a high-cost area, such as Hawaii, California, Alaska, or Guam, you may not need a jumbo loan at all.

Vacation Home Down Payment

If you want to invest in a vacation property for personal use, Riverbank Finance allows for a minimum 10% down payment, although you can waive PMI with a 20% down payment. The requirements are a bit stricter here: You can’t have any recent foreclosures or bankruptcies, you must provide documented banking or retirement assets, your DTI (debt-to-income ratio) is limited to 45%, and the property you’re considering needs to be in acceptable condition.

Investment properties Down Payments

If you want to buy investment properties to rent to other people, you will need to have at least 20% down payment with Riverbank Finance. Your total DTI cannot exceed 45%. Freddie Mac requires you to have at least two years of landlord experience, documented in your tax returns, to consider any projected rent as your income. However, Fannie Mae does not. You must buy the property as an individual, not an LLC, and you cannot receive any amount of the down payment as a gift. You will also need at least six months’ worth of house payments reserved in savings to qualify.

For more information or to speak with a loan officer about any of these mortgage options, call Riverbank Finance at (800) 555-2098.

Request Information Now!

Buy A House with a Small Down Payment

If you are a first-time homebuyer, getting a mortgage may seem overwhelming — especially with all the different options available. Maybe you don’t have a lot of money for a down payment or your credit isn’t great. The good news is, you can still qualify for a home loan. Here are 4 low or no down payment options that can help you, as a first-time homebuyer, get into the house of your dreams.

FHA Loan

With an FHA loan, all you need is a 3.5% minimum down payment to buy your first home. Because the Federal Housing Administration backs the FHA loan, the qualifications are a bit more lenient. People who have no established credit or small savings for a down payment, and even a credit score as low as 580 can qualify. The FHA loan is also available to immigrants who have a Visa or Green Card, as well as those who have gaps in their employment.

It’s also easier to qualify for an FHA loan if you’ve filed for bankruptcy. With a conventional loan, you have to wait four years after filing Chapter 7 to apply for a mortgage. With the FHA loan, you only have to wait two years. If you filed for Chapter 13, you only have to wait one year. You can also get an FHA loan three years after being foreclosed on your previous property.

VA Loan

The government created the VA loan to provide home ownership to veterans and military personnel. Like the FHA loan, the government backs the VA loan for extra security, so qualifying is easier. To qualify, you must get a certificate of eligibility from the Veterans Administration. Having bad credit may not hinder you from getting approved. VA loans require no down payment or Private Mortgage Insurance (PMI). Veterans can choose either a 30-year fixed VA loan or a 15-year fixed VA loan for up to $424,100. They may also get a cash-out refinance of up to 100% of their home.

USDA Rural Development Loan

For those wishing to buy a home in a rural area, the USDA Rural Development Loan requires zero down payment, making it great for first-time home buyers. The government also backs this loan for added security, so there’s low or no PMI attached to it. You only have to pay a 1% guarantee fee upfront and 0.5% each year after that. That’s less than the 1.75% up front and 0.85% each year with the FHA loan. If you’ve recently filed for bankruptcy or were foreclosed, you won’t have to wait too long to qualify for a USDA loan.

Conventional 1% Down Mortgage

Important Update! Last date for loan submissions is 5/31/2018. Program is being discontinued.

Riverbank Finance offers homebuyers a way to put only 1% down on a home and still get a conventional mortgage. In this case, the home buyer puts 1% down and the lender (Riverbank Finance) contributes 2%, giving home buyer 3% equity when closing on the home. Freddie Mac created this option to make homes more affordable for new buyers. It allows people to buy a new home for, essentially, the cost of one month’s rent and avoid PMI altogether or drop PMI in the future. Your 1% down payment may be a gift from someone, you must have at least a 700 FICO score, and your debt-to-income (DTI) ratio is limited to 43%.

For more information or to speak with a loan officer about any of these mortgage options, call Riverbank Finance at (800) 555-2098.

Request Information Now!

Buy a Home with No Closing Costs

Buy a Home with No Closing Costs

An alarming number of first time homebuyers are unaware that mortgages involve closing costs, and which often creates a financial obstacle. Here, we’ll explain not only what closing costs are, but more importantly, how to avoid paying them!

What are Closing Costs?

Closing costs are additional fees a homebuyer is responsible for, outside of the down payment, at the time of closing. They include things like lender fees, title fees, government fees, and prepaid items such as property taxes and homeowner’s insurance. See below for a more conclusive list of closing costs you may encounter.

Lender Fees
• Credit Report Fee
• Application Fee (if applicable)
• Origination Fees (if applicable)
Appraisal Fee
Flood Certification Fee
Title Fees
• Chain of Title
• Owner’s Title Insurance (typically paid by the seller in Michigan)
• Lender’s Title Insurance
• Closing Fee
• Courier Fee
Government Fees
• Recording Fees
• Transfer Tax (typically paid by the seller in Michigan)
Real Estate Broker Fees (if applicable)
Prepaid Items
• Per Diem Interest
• Property Taxes
• Homeowner’s Insurance
• Tax Prorations (to reimburse the seller for taxes they already paid)

Related: Transfer Tax Calculator and Title Insurance Calculator

How Much are Closing Costs?

Closing costs vary based on factors such as loan amount, location (state and locality) of the property, and lender fees. Total closing costs typically range between 3-6 percent of the sale price. As stated above, not all fees apply in every loan situation. For instance, here in Michigan, title insurance and transfer taxes are typically paid by the seller.

Ask your buyer’s agent about what (if any) fees their brokerage charges for their services, as their administrative fees can range up to $500. Lender fees can also have a large impact on a homebuyer’s total closing costs. Here at Riverbank Finance, we don’t charge any additional lender fees for most loan programs! Be sure to ask your loan officer what fees you can expect to pay for their services.

Can I Avoid Paying Closing Costs?

There are several ways in which homebuyers can avoid paying closing costs. The most common way to do this is to request seller paid closing costs when writing an initial offer on a property. Each loan program is different, but allows for a percent of the purchase price to be given back– up to 3% on Conventional, 4% on VA, and 6% on FHA and USDA. For example, if you are purchasing a $200,000 home with a VA mortgage, you can request seller paid closing costs of up to $8,000.

Homebuyers should also speak with their loan officers about no-closing cost loan programs. By utilizing lender credits, buyers can reduce or even eliminate their closing costs altogether—ask your loan officer if you qualify for lender paid closing costs! Here at Riverbank we charge NO APPLICATION FEES and most of our loan programs have NO LENDER FEES.

Get More Information

To apply for a Mortgage or Refinance with NO closing costs, call Riverbank Finance today at 1-800-555-2098.

Request Information Now!

Use Your Tax Refund as a Down Payment on a Home

Use Your Tax Refund as a Down Payment on a Home

One of the biggest roadblocks to homeownership for prospective first time homebuyers is the down payment. Given the cost of rent, utilities, student loan debt, and many other expenses, it is hard to save up thousands of dollars for a down payment. Some first time homebuyers are able to receive a downpayment gift from a family member, but not everyone is so fortunate. How then, can a prospective homebuyer purchase a home? Enter, tax season. The time of year every American loves to hate.

How Can my Tax Refund Help me Purchase a Home?

Whether you’re receiving six-hundred or six-thousand dollars in this year’s refund, it could mean the difference between renewing your lease or becoming a homeowner. If you’re leaning toward the latter, deposit your tax refund in your bank account and consult a loan officer about what to do next. Whatever you do, DON’T spend it, move it, or withdraw it in cash. Below are some examples of what you could do with it:

  • Add it to your reserves
  • Pay off debts to reduce DTI and increase chances of qualifying
  • Pay down credit card balances to raise credit scores
  • Pay for loan closing costs
  • Put toward your down payment
  • Create an emergency home repair fund

Be sure to discuss these options and others with your loan officer before making any major decisions with your refund. Each borrower’s situation is different—sometimes it is better to pay off a debt to qualify, while others would be better off with a larger down payment.

Mortgage Programs with Low to No Down Payment

  • VA – no down payment
  • USDA – no down payment
  • FHA – as little as 3.5% down payment
  • Conventional – as little as 3% down payment

Related: Purchase a home with zero down payment 

The National Association of Realtors reported a median sales price of $232,200 in 2016. The required down payment on this home would be $8,127 with an FHA loan, but zero with a VA or USDA loan. If you choose to pursue conventional financing, you’ll need $6,966 for 3% down, $11,610 for 5% down, $23,220 for 10% down, or $46,440 for 20%.

What if my refund isn’t enough?

Given the increases in home values and interest rates in recent years, a tax refund may no be enough to rely solely on for a down payment on a home. If this sounds like your situation, do not give up! Speak to one of our loan officers, who will gladly help you create a strategic plan for getting pre-approved and purchasing when the time comes.

Get More Information

To apply for a Mortgage or Refinance call Riverbank Finance today at 1-800-555-2098.

Request Information Now!

How to Get Rid of Mortgage Insurance

How to Get Rid of Mortgage Insurance

So you want to break up with your monthly mortgage insurance—we don’t blame you! When you purchased your home, there’s a good chance you didn’t have 20% to put down, right? Mortgage insurance is a great option, in that it allows buyers to increase their purchasing power, but comes with an unfortunate side effect of additional monthly fees.

Every situation is different, so it is important to understand your loan, to determine your options for dropping your mortgage insurance. Below are the greatest factors affecting your ability to say “Sayonara” to your mortgage insurance (MI).

• Type of mortgage insurance you’re paying
• Which lender holds your loan
• Age of your loan (time since closing)
• Your loan-to-value ratio (LTV)
• The property type
• Whether or not your property value has increased

Types of Mortgage Insurance

If you’re paying a monthly fee on a conventional loan, it is called private mortgage insurance (PMI). If you paid an upfront fee at close and a monthly fee on an FHA loan, it is called a mortgage insurance premium (MIP).

Who Owns Your Loan?

If you have a Conventional loan, is it Fannie Mae or Freddie Mac? This is important because they have different rules for when MI can be removed. If you have an FHA loan, you will need to know its age and the percentage of down payment you gave at close.

What is Your LTV?

The Loan-to-Value ratio is essentially the financed amount divided by your home’s value, expressed as a percentage. Let’s say for example that you purchased your home for $200,000 with 10% down ($20,000). You financed $180,000 of the $200,000 purchase price, which gives you a loan-to-value ratio of 90%. Your LTV will decrease as you make payments, as well as when your property value increases.

Has Your Property Increased in Value?

If you’ve made considerable improvements to your home, it has probably gone up in value! You’ll need to order a new appraisal to confirm the updated value, which generally costs between $400-$600 out of pocket.

Related: Refinance Your Home Without an Appraisal

Canceling MIP on your FHA Loan

If you closed on your loan on or after June 3, 2013 and you put less than 10% down, MIP can never be removed. With a down payment of 10% or more, you’re still required to pay MIP for a minimum of 11 years. If your loan closed before that date, your MIP will be automatically cancelled when your LTV reaches 78%, but only after you’ve paid the MIP for a minimum of 5 years, and only if you have not had any late payments in the last year. In most cases, the only way to stop paying MIP on an FHA loan is to refinance your mortgage.

Canceling PMI on your Conventional Loan

Ditching the PMI on a conventional loan is easier and more flexible than on an FHA loan. Your MI will be cancelled automatically as soon as your LTV reaches 78% OR when you reach the midpoint of your mortgage (15 years into a 30 year mortgage). Again, you must be current on your payments for the cancellation to occur.

If you pay close attention to your mortgage statements and are anxious to kick your MI to the curb, you can request cancellation once your LTV reaches 80%. It is also important to note that while Fannie Mae allows homeowners to make extra payments to get to 80% LTV faster, Freddie Mac does not.

As mentioned above, if you’ve made considerable improvements to your property, you may be able to remove PMI much sooner. You’ll need to order a new appraisal to document all improvements, but as long as your LTV is below 75% or less (for Fannie Mae) or 80% (for Freddie Mac), your PMI will be removed!

Have a specific scenario you’d like to run past us? Give us a call to speak with one of our licensed loan officers. We would love to recommend the best loan program for you and your situation.

Get More Information

To apply for a Mortgage or Refinance call Riverbank Finance today at 1-800-555-2098.

Request Information Now!

Using Gift Funds for your Down Payment

Using Gift Funds for your Down Payment

Not everyone has thousands of dollars lying around for a down payment when they are in the market to purchase a home, so receiving a gift can be a great option!  Here’s what you need to know, if you’re lucky enough to receive a down payment gift.

There is a common misconception that you can use whatever monetary gifts your friends and family give you toward your down payment, but it isn’t quite that simple—the source of the funds actually matters more than the amount in your bank account.  If your great aunt’s neighbor’s friend hands you $1,000 in cash, don’t deposit it!  Not only will it be a problem because it is untraceable, but you cannot accept a gift from just anyone.

Who can give a down payment gift?

So, who can give you a down payment gift?  Any immediate family member—parents, grandparents, siblings, or children—can gift funds.  Your significant other can also give you a gift, but only if you are engaged to be married.  Unfortunately, extended family such as aunts, uncles, or cousins would not be permitted to give a down payment gift.

What is a “gift letter”?

Once an eligible family member has committed to giving you a monetary gift, they’ll need to complete a gift letter.  Each lender’s gift letter looks slightly different, but includes the same basic information; the subject property address, the amount of money being gifted, the relationship of the gifter to the giftee, and a statement that the gift is indeed a gift, not a loan in disguise, and will not be repaid.  Both the gifter and giftee must sign and date the letter.

Want an example? Click here to see an Example Home Loan Gift Letter

Don’t do anything without a paper trail

Let’s say, for example, that your grandparents are going to give you a gift of $25,000.  They plan to pull $15,000 from their retirement account and $10,000 from their savings.  In addition to the gift letter, they may need to provide the following documentation:

  • Retirement account statement showing $15,000 available to give
  • Bank statement showing $10,000 available balance in savings account
  • Bank statement showing transfer of $15,000 going in, and $25,000 total available funds

Although the actual requirements may vary depending on the loan program you have chosen, it is best to let the gifter know ahead of time that these documents may be needed.  Next, you will need to provide:

  • Copy of the check from your grandparents to you
  • Bank statement showing the $25,000 cleared your account

Don’t forget to thank your gifter!

Related: Documents You Need to Get a Mortgage

Have a specific scenario you’d like to run past us?  Give us a call to speak with one of our licensed loan officers. We would love to recommend the best loan program for you and your situation.

Apply for a Mortgage

Call Riverbank Finance today at 1-800-555-2098

Request Information Now!

Obama Increasing Down Payment Required for a Mortgage

obama-mortgage-downpaymentsThousands of people agree that the down payment for buying a home should be increased.  Today, if you are in the market to purchase a home you may not even need a down payment if you are able to qualify for a USDA Rural Housing Mortgage or VA Loan.  Most other qualified borrowers have the option to put down only 3.5% with a FHA mortgage.  The Obama Administration, like the thousands that voted on the Wall Street Journal’s Poll, agrees that the borrower need to have some skin in the game.
If all goes as planned, the Obama Administration will work with Fannie Mae and Freddie Mac to gradually raise the down payment minimum to 10% on conventional loans.  This restructuring of mortgages in the United States will help hedge against losses from foreclosures and delinquencies.
The ultimate goal for the administration is to privatize the mortgage market as it was intended to be prior to the governments intervention in Fannie Mae and Freddie Mac.  As it stands today nearly every mortgage in the United States is insured through the Federal Government.  VA loans (offered only to US military veterans) as well as FHA mortgages are insured by Ginnie Mae, a government entity.  Fannie Mae and Freddie Mac are the two private companies that buy and sell mortgages as mortgage backed securities to investors. When the economy took a downturn the government was forced to step in and bail out these two entities to stop a financial collapse of of our economy.
There are obvious implications in requiring larger down payments to buy a home.  The cost of home ownership is near the lowest in history yet foreclosed homes still sit vacant and banks are unable to resell their repossessed properties. Cities such as Detroit have thousands of homes vacant which bring in no tax revenue further adding to the implications.  Without tax revenue the cities are unable to operate and provide social services. Conversely if the foreclosure rate continues then the government will have no exit strategy in the bail out of Fannie Mae and Freddie Mac which is costing the US government billions of dollars.
Of the thousands that have voted on WSJ.com, the majority of people believe the down payments required to buy a home should be between 16% and 20%. There is no easy answer to these issues however according to this poll, the Obama Administration is moving in the right direction by raising the down payment requirements.

Buy a Home with No Down Payment

Request Information Now!