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Low-Downpayment Mortgages Becoming the Norm; Fraud Risk; Don’t Expect Much

Low-Downpayment Mortgages Becoming the Norm; Fraud Risk; Don’t Expect Much

Fannie Mae and Freddie Mac's (the GSE's) low downpayment loans are apparently beginning to cause some pain for FHA lending. Black Knight's Mortgage Monitor report, its monthly summary of mortgage performance data, notes that low-down-payment originations, which they define as loans with downpayments below 10 percent, currently account for nearly 40 percent of all purchase originations and 1.5 million borrowers have closed on such loans in the last 12 months, a seven-year high. Low down-payment loans have historically been the purview of FHA and VA. FHA will loan 97 percent of the purchase price with mortgage insurance, while VA will guarantee up to a loan-to-value (LTV) ratio of 100 percent for an eligible borrower. The GSE's announced reintroduced a program in late 2014 that would allow as
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