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Time To Bring Back The 3% Down Payment Mortgage

Much attention has been directed at Federal Housing Finance Administration (FHFA) Director Watt’s recent announcement that FHFA and the GSEs are working on guidelines to expand access to 3 percent low down payment mortgages. The reaction has been somewhat surprising.

At a time when policymakers are looking to reduce the government’s role in housing finance while also improving access to affordable homeownership, prudently underwritten 3 percent loans would help accomplish these goals in a sensible and responsible manner, with clear benefits for consumers and taxpayers.

First, such a move would help reduce taxpayer exposure. The GSEs require the use of private mortgage insurance (MI) for these loans, providing substantial first-loss protection for taxpayers in the form of private capital.

via Now is the time to bring back the 3 percent down-payment mortgage | TheHill.

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