Mortgage insurers requiring more down payment

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.

· 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.