Quick question: Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than what percentage of the purchase price?
If you said 20%, congratulations! You’ve probably known it’s been 20% down for years now (previously 25%) and that wasn’t changed in the new mortgage rules announced.
But according to one real estate expert…
(0:38) “If you have your 20% down now, that’s the one rule they changed, it went from 15% to 20%. So you were saving up, you were so close, you go ok let’s go shopping and they changed the rules on you and now you’re saving for another year, year and a half.”
It didn’t go unnoticed: