Here are the new guidelines from 2 of the top mortgage insurance companies. Distressed markets (FLorida)Two of the largest U.S. mortgage insurers announced they would be requiring larger downpayments in Florida:PMI Group Inc. (starts March 1)· At least 10 percent down in distressed markets.· A minimum 620 credit score is required.· No negative-amortizing loans or option-payment mortgages.MGIC Investment Corp. (starts March 3)· At least 5 percent down in distressed areas except a mandatory 10 percent down on condos.· A minimum 620 credit score is required.· No cash-out refinances.· No reduced documentation.· No investment property loans.· No negative-amortizing loans or option-payment mortgages.
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