I set out recently to write about a new program of down payment (henceforth DP) insurance, but quickly realized that such an article required an extensive preface that clarifies what the DP is and what it is not. The new program is discussed after that.

Definition of Down Payment

To a home buyer, the DP is the sale price less the mortgage loan amount. It is not the same as the buyer’s cash outlay, although the two are often confused. They differ by the amount of settlement costs charged to the buyer. For example, if the price is $100,000, settlement costs read more >>>

Source : HuffingtonPost.Com