The Secret About Making Down Payments on a Home

According to a Times poll on June 30, 2011, over 73% of Americans polled that if they were “going to move now and could afford either, they would prefer to rent or buy a home.” One of the major questions is how big is the downDown Payments on Homes bankruptcy payment. As part of the financial regulations mandate last year by the Dodd-Frank law, federal regulatory agencies have to set criteria for what constitutes safe mortgages. Loans that don’t meet those standards will be deemed riskier so the lender will have to retain 5% ownership. That’s designed to encourage banks to vet your ability to repay the loan. These agencies are proposing requiring mortgages to have down payments of 20%, but that has seen opposition from many sources, including the Center for Responsible Lending. They are suggesting and even a 10% down would price many homeowners out of the mortgage market.

Did you know that even if you file for bankruptcy, you ultimately won’t be able to secure a loan to buy a house? In the mean time, we at Sunshine State Bankruptcy suggest that you save towards a down payment of at least 10%. The higher your down payment the less your mortgage payment. If you are having financial difficulties, contact Sunshine State Bankruptcy today to learn whether or not you and your family can get a fresh financial start that  will ultimately help you and your family follow the American dream. Contact us today at 7272584999.

 

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