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Article: Mortgage insurance 101: with rates rising and appreciation slowing, now might be a good time to give mortgage insurance another look. Add to that the tax deductibility of borrower-paid MI premiums for some borrowers this year, and it becomes even more appealing.(Industry Trends)
- Article from:
- Mortgage Banking
- Article date:
- April 1, 2007
- Author:
CopyrightCOPYRIGHT 2007 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Low-down-payment loans are becoming an increasingly important part of the mortgage finance landscape. According to a recent study published by the National Association of Realtors[R] (NAR), Chicago, from mid-2005 to mid-2006 nearly half of all first-time homebuyers put no money down; another 50 percent put down 10 percent or less. The median down payment made by first-time homebuyers was just 2 percent. [??] That's hardly surprising when you consider that over the past 10 years, nationwide, homes have appreciated 107 percent, according to data from the Office of Federal Housing Enterprise Oversight (OFHEO). During this same period, incomes have increased just 37 percent, ...