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For many people without 5% down, the dilemma is whether to get a conventional loan over a FHA loan when they only have a little down payment. Both loans require mortgage insurance. Conventional loan borrowers making a down payment of less than 20 percent will need to get Private Mortgage Insurance (PMI).
Conventional MCAI saw the greatest tightening (down one percent over the month) followed by the Jumbo MCAI (down 0.6 percent), the Conforming MCAI (down 0.3 percent), and. Low Down Payment Mortgages are Back – But with home prices and mortgage interest rates on the rise, banks are beginning to offer some low-down payment programs again.