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Updates to Fannie Mae’s Desktop Underwriter, known as DU, are not at all uncommon.
Most changes are minor and do not directly impact a buyer's ability to qualify for financing. In some cases though, a change comes along that directly affects a buyer's ability to qualify for a home mortgage loan.
While the conventional loan requires 1.5% higher down payment, this can mean considerable savings for homebuyers with other costs associated with the loan.
Conventional loans above 80% Loan to Value (LTV) require Private Mortgage Insurance (PMI). At 95% LTV, PMI rates drop significantly from those rates at 97%.
Meeting the required 45% debt to income (DTI) ratio also becomes easier with a 5% down payment and reduced PMI.
With FHA mortgage insurance now permanent, conventional financing is a reasonable alternative to save consumers thousands of dollars over the life of their mortgage.