The PennyMac Mortgage Blog is where you'll find unbiased, useful info to help save you money, time and peace of mind during the mortgage process. If you have a mortgage or are about to get one, we think you'll find info here you can't always get elsewhere.
The answer is, no. The down payment amount can vary depending on the type of loan for which you’re applying. Fortunately, there are numerous ways to save, as well as down payment assistance programs and other funding sources for buyers. We compiled a list of alternative options for your down payment. Let’s first see what the down payment amount is for the type of loan you’re looking at.
Enterprise Paid Mortgage Insurance (EPMI) is a type of mortgage insurance option for borrowers with an LTV ratio greater than 80%. EPMI is another option for borrowers to obtain mortgage insurance, where the mortgage insurance is obtained from an approved insurance provider.
During the homebuying process, you’re sure to encounter the term Loan-to-Value (LTV) ratio. So what exactly is your LTV ratio, and why is it important?
For many potential homebuyers, purchasing a home seems out of reach. With credit card debt to pay off and student loans to repay, many buyers wonder if they’ll ever save up enough down payment (typically, 3-20% of the purchase price). Fortunately, there are down payment assistance programs and other alternative funding sources for cash-strapped buyers.
You have probably heard home buyers, sellers and real estate professionals talk about being in escrow, close of escrow, or even “falling out of escrow.” What do these terms mean, and how will they impact your home buying journey?
Ready to buy a home? Can't stop daydreaming about that charming townhouse? Not so fast. There's a lot more that goes into buying your first home than scrolling sales listings and wishful thinking. Get the down-low from our housing market experts.