As the mortgage markets were rocked last week we are constantly watching for any mortgage related issues that may affect first time home buyers.  As guidelines are continuously being updated with new restrictions I wanted to mention new private mortgage insurance, PMI, news.

Only two of the six current private mortgage insurance companies will provide Florida home buyers the needed mortgage insurance when borrowing 95% of the purchase price of their new home.  The fear is that soon the two remaining PMI companies will drop their allowed insurance coverage forcing Forida home buyers to put 10% down.

There is good news though.  Florida first time buyers who want to put the least amount towards down payments should consider a Florida FHA loan.  That is, unless they are a qualified US Veteran and can use their VA Home Loan Entitlement without PMI altogether.

If you need answers to questions regarding your first time home purchase or VA home loan eligibility; please feel free to contact our office at 888-399-0520 and speak with one of our experienced Florida mortgage consultants.

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