Mortgage Insurance Companies & Lenders Ease Down Payment Standards
This is a positive sign for some parts of the US because now you will be able to get a Conventional loan with only 5% down versus the 10%. Not for Fort Lauderdale and the rest of South Florida though.
In South Florida to be able to put 10% you have to be buying a single family detached home, have a minimum of a 720 middle credit score, and a maximum debt to income ratio of 41%. The article below states that in New Orleans you only need a 680 credit score.
“We’ve seen some stabilization in the housing market,” said Kevin Schneider, president of Genworth. While “additional home price declines” are likely, he added, tighter credit standards, including the requirement of full documentation and higher credit scores, should limit delinquencies.”