A growing number of lenders are reducing downpayment requirements so that borrowers can contribute 3% or less of a home's purchase price and still qualify for financing. In addition, some lenders have waived mortgage-related fees, and others are allowing downpayments from outside sources, such as the buyer's family. Most lenders target the new deals at buyers with stellar credit scores and steady income who have not been able to save enough for a substantial downpayment. Some types of low-downpayment mortgages have been around for a long while. The Federal Housing Administration (FHA) insures home loans with down payments as low as 3.5%, and it's lowering the annual mortgage-insurance premiums charged on new mortgages starting today. The lower-downpayment trend accelerated after Fannie Mae and Freddie Mac recently lowered the minimum down payments they will accept from 3-5%, driven by a White House campaign to make homeownership more affordable to a wider group of Americans.
Source: MarketWatch (01/26/15) Andriotis, AnnaMaria © Copyright 2015 INFORMATION, INC. Bethesda, MD (301) 215-4688
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Kris Julian | Realty Executives Seminole | 3899 W. Lake Mary Blvd. Suite 123 | Lake Mary, FL 32746 | 407-421-6187 | http://www.kris-julian.com |
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