{"id":48203,"date":"2016-05-02T11:04:38","date_gmt":"2016-05-02T18:04:38","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=48203"},"modified":"2020-10-06T17:08:18","modified_gmt":"2020-10-07T00:08:18","slug":"low-downpayment-mortgage-laurie-goodman-bing-bai","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/low-downpayment-mortgage-laurie-goodman-bing-bai\/","title":{"rendered":"Short On Cash? A Change to Low-Downpayment Mortgage Pricing Might Help"},"content":{"rendered":"

Homebuyers<\/a> with the income to take on a mortgage payment but without the savings to make a 20 percent down payment have options. Chief among them are loan programs offered by the Federal Housing Administration (FHA), Fannie Mae and Freddie Mac.
\nEach allows borrowers to put as little as 3.5 percent down. Fannie and Freddie accept as little as 3 percent. So which is better?
\nUntil last month, the answer for many buyers was FHA. But in April, insurers for Fannie Mae and Freddie Mac reduced the fees they charge on low-downpayment mortgages, making them less expensive for a select group of borrowers — those with nearly perfect credit.<\/p>\n

Understanding mortgage insurance<\/h3>\n

Loans backed by Fannie and Freddie, known as conventional loans, make up the majority of the mortgage market<\/a> today.\u00a0 After a lender finalizes your mortgage, it\u2019s usually sold to one of the government-sponsored enterprises, which guarantees it against loss then sells it again, this time to big investors such as pension funds.
\nAt Fannie and Freddie, homebuyers who put less than 20 percent down must also buy private mortgage insurance (PMI), which protects those investors if the borrower defaults.
\nAt FHA, the government insures the loans directly, charging a premium that becomes part of the borrower\u2019s monthly payment. The program was designed to encourage mortgage lending to first-time homebuyers, low-income borrowers, minorities and other underserved populations.
\nThe FHA premium and Fannie and Freddie private mortgage insurance serve the same purpose \u2013 protecting the note holder if the borrower can\u2019t pay.<\/p>\n

What\u2019s better for you?<\/h3>\n

Here\u2019s the big difference. With Fannie and Freddie, the better your credit, the cheaper the insurance. At FHA, the price is static.
\nWhen calculating the monthly cost of a low-downpayment mortgage\u00a0from Fannie or Freddie, a buyer needs to factor in the cost of private mortgage insurance. If you have a high credit score, you\u2019re lower risk and your PMI \u2013 and your monthly mortgage payment — is lower.
\nAt FHA, the fee doesn\u2019t change. People with pristine credit pay the same as everyone else.
\nBorrowers should do careful math when choosing between the two programs.<\/p>\n

Some history<\/h3>\n

After the housing crash<\/a>, FHA premiums rose significantly as the agency worked to shore up its finances. In January 2015, President Obama cut those premiums, making FHA mortgages a better deal for all borrowers regardless of credit score.
\nThe Urban Institute\u00a0published a blog and graph <\/a>\u00a0at the time to show how many people would benefit from switching to an FHA loan.
\nTake someone buying a $250,000 home with 3.5 percent down. From January 2015 until last month, an FHA loan had a lower monthly payment than one from Fannie or Freddie. Even borrowers with great credit paid almost $100 more using a conventional loan.<\/p>\n

<\/figure>\n
\n
\"goodman
Assumes a $241,250 loan on a $250,000 property with 3.5% FHA and 3.89% conventional mortgage rates. Source: Genworth Mortgage Insurance, Ginnie Mae and Urban Institute<\/figcaption><\/figure>
\n<\/figure>\n

For borrowers with credit scores of 700 and higher, the new, less-expensive mortgage insurance premium at Fannie and Freddie translates to savings of $30 to $101 a month. For homebuyers with the best credit, payments fall sharply, to $5 less than an FHA loan.<\/p>\n

For borrowers with scores of 740 to 759, a low-money down conventional loan is still more expensive than one from FHA but the gap has narrowed substantially, from $106 to $30.
\nIt\u2019s important to remember that Fannie and Freddie insurance payments stop once the mortgage balance falls to less than 78 percent of the home\u2019s value. The FHA\u2019s premium never goes away. That\u2019s another reason for potential borrowers to favor conventional loans, even if the monthly payment is slightly higher.<\/p>\n

The Upshot<\/h3>\n

The Fannie and Freddie price change is a boon for borrowers with good credit, but as the chart shows it raises costs for borrowers with lower scores, making conventional loans even less attractive than they were for those homebuyers.
\nHow big a group could be impacted? The overwhelming majority of FHA borrowers put 5 percent or less down for their mortgage. About a third of them have credit scores above 700, the range where conventional loans just got cheaper. And 13 percent have credit scores above 740, where they might now find Fannie and Freddie loans more attractive.
\nSo while this change impacts only a small number of borrowers, it\u2019s worth checking to see if it might help you.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Urban Institute’s Laurie Goodman and Bing Bai explain low-downpayment options.<\/p>\n","protected":false},"author":13338,"featured_media":45879,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[71,32,74],"dashboard":[],"coauthors":[],"class_list":["post-48203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-celebrity","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"\nShort On Cash? A Change to Low-Downpayment Mortgage Pricing Might Help - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Fannie and Freddie have cut fees on low-downpayment mortgages, making them less expensive for a select group of borrowers. The Urban Institute explains.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/low-downpayment-mortgage-laurie-goodman-bing-bai\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Short On Cash? A Change to Low-Downpayment Mortgage Pricing Might Help\" \/>\n<meta property=\"og:description\" content=\"Fannie and Freddie have cut fees on low-downpayment mortgages, making them less expensive for a select group of borrowers. 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