Private mortgage insurance companies to return to market, ran as a headline in one of the LA Times articles on April 25, 2010. Although buried inside the Business Section, to me this is an important step in stabilizing the housing market. The article describes how many lenders are again requiring borrowers with less than a 20% down payment to purchase PMI to help mitigate the risk.
Additionally, the FHA is changing some of its requirements for down payments on homes it finances. The traditional 3.5% down payment for FHA loans is still available for home buyers with FICO scores of 580 or higher but buyers with less desirable scores will be required to put 10% down. The FHA is also asking Congress to approve higher rates for their mortgage insurance premium, which for the average home buyer brings FHA loan rates more in line with private mortgages. Hopefully these changes will help further stabilize the housing market.
Interested in learning more about real estate, loans, and how it all works? Maybe it’s time to consider starting, or advancing your real estate career? For more details on the the Real Estate Centre’s offerings, check out the links below:
To find out how you can start a career in real estate, check out the Real Estate Centre’s Jump Start Program program. This program includes the courses required for a real estate salesperson license, along with our one day exam prep class.
If you’re a licensed real estate sales agent, and want to make use of the current slow conditions to get a broker’s license, the Real Estate Centre offers a variety of courses to help you achieve the goal. Find everything you need at the following link: Broker’s License Courses.
Need to take your salesperson or broker exam, and just don’t seem to get around to it? Enroll in our Exam Prep. Over 90% of our students pass their real estate licensing exams, on the first try.
Whether you’re new to real estate, or you’re a sales agent ready to become a broker, the Real Estate Centre has a program for you. Order online at www.realestatecentre.biz, or give us a call at 310-410-9718 and let us customize a program to meet your needs.
Tags: broker exams, broker's license, ca real estate exam, career in real estate, exam prep class, John Henderson, PMI, private mortgage insurance, real estate agent, real estate license, salesperson exam
