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With interest rates settling down, the housing market is seeing continued activity from first-time homebuyers, who typically make up about 40 percent buyers. In addition to inquiries about credit requirements, the most common question from first-times is “How much down payment do I need on my first home?” 332 more words
I’ve often wondered why many people who talk with me about buying a home assume they need a 20% down payment. Since staring in the mortgage industry in 2007, I’ve always been able to offer a conventional loan with a 5% down payment to my clients. 333 more words
What does a dinosaur, a Dodo bird, and a 3% down payment conventional loan have in common? They are all extinct.
Beginning on November 16, 2013, conventional loans with a 3% down payment will go the way of the dinosaurs and no longer be available. 314 more words