Virginia Beach Real Estate

Virginia Beach & Hampton Roads mortgage insurance requirements will tighten March 3. MGIC Investment Corp, the nation's leading mortgage insurance provider, plans to limit its exposure in a number of the weaker housing markets around the country by requiring higher credit scores and larger down payments. Virginia Beach and Hampton Roads are among the areas affected by the tighter standards. Starting March 3, MGIC will require at least 5 percent down on homes and a 10 percent down payment on condos. 

Mortgage insurance is required by lenders when buyers put less than 20% down on a home. If the borrower misses mortgage payemnts, the mortgage insurance company pays the lender. If homes end up in foreclosure, both lenders and insurers lose money. Read the full story.

Wondering how this tightening of lending requirements will affect your ability to buy a home? Give us a call to discuss your situation, 866-222-0158 #550, or visit our website, ButlerTeamHomes.com.

No comment yet...

Comment on this article

Name:

Email:

Your email address will not be displayed.

Site/Url:

Your URL will be displayed.

Comment text:

Standard HTML is allowed in posts

Options:

Line breaks become <br />

Remember me

Allow users to contact you through a message form.

Captcha:

Please enter the characters from the image above. (case insensitive)

Captcha code:

This post has no feedback awaiting moderation...