There was some good news this past week.  For the last year and a half, the mortgage insurance companies who insure conventional loans in the state of Connecticut have required 10% down if the appraisers stated that the real estate market was in decline. Typically conventional loans were available with 3 - 5% down.

Genworth (GE Mortgage Insurance) has informed us that they will now start accepting 3 -5% down.  This is great news.  It means that Genworth feels that the Connecticut market is stabilizing and for homebuyers who couldn't qualify for FHA (3.5% down) or VA (no money down) this now allows them to buy a home with 3 -5 % down.

On a $300,000.00 purchase price, 10% down was $30,000.00.  3% down is $9,000.00 and 5% down is $15,000.00.  This positive change from Genworth will open up the market to qualified homebuyers who may not have had the means to come up with 10% down.

Hopefully this is just the beginning of more positive news for the real estate market.

Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil.  You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.

Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL.