Tuesday, January 6, 2009
Not All Borrowers Need 20 Percent Down
NAR last week issued an educational brief to news reporters to curb inaccurate reporting on the amount of down payment home buyers must come up with in today's mortgage climate. Although lending standards have tightened, a wide range of down-payment requirements are in effect today, depending on the borrower's financial situation and the type of product applied for. The minimum FHA down payment requirement, for example, is 3.5 percent.