And if that weren't enough, mortgage insurance has been lowered, too! As many of you know, this is the premium that you pay if your down payment and loan-to-value is lower than 20%. Here's an article from the Chicago Tribune about it. I've always thought this was a rip-off -- this insurance sure didn't help anybody that was in trouble with their mortgage during the 2008-2009 recession. But anyway, it's lower now, and will help buyers.
Here's the teeny bit of bad news for those of you buyers that live here. It will still be hard to get a low-down loan accepted by your seller if you're in a multiple offer situation. That's because sellers perceive -- rightfully so -- that high-down loans have a better chance of closing. There are other ways to make your offer stand out, though, and we'll discuss that in future posts.