Saving for a standard 20% down payment can take years, but many homebuyers today are turning to family members to expedite the process.
Read More »Guild Mortgage Introduces 1% Down Payment Program
In today’s real estate market, every dollar counts, especially for low- to moderate-income homebuyers. Guild Mortgage’s new product buys down the mortgage interest rate for the first year and only requires a 1% down payment.
Read More »Homebuyers Still Believe That 20% Down Is a Necessity
Among renters and non-homeowners, many believe that the once-standard down payment of 20% is a rule, not a recommendation, on the path to homeownership.
Read More »BofA Modifies Fee for Lender Origination
Bank of America has announced a $0 lender origination fee for low-down payment mortgages.
Read More »Low Down Payment Initiatives Offer Homeownership to Qualified, Locked Out Buyers
New low down payment initiatives extend homeownership opportunities to qualified borrowers who might otherwise be locked out. According to Freddie Mac's July U.S. Housing Market Insight & Outlook, pre-crisis low payment underwriting allowed layered risk, while post-crisis low payment underwriting controls credit risk by requiring features that reduce risk. Pre-crisis payments were variable, while post-crisis payments are predictable.
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