Carp Diem has the stunning news:
Here's a brochure titled "How to Buy a Home With a Low Down Payment: A Consumer’s Guide to Owning a Home with Less Than Three Percent Down," which was developed by the Mortgage Insurance Companies of America in cooperation with the Extension Service of the U.S. Department of Agriculture, and appears on this government (GSA) website.
Here's the amazing
quote from Uncle Sam :
Many people mistakenly believe that you have to come up with a down payment equal to 20 percent of the price of a home.
Traditionally, lenders have required that home buyers be able to make a down payment of at least 20 percent of a home’s purchase price to get a home loan or mortgage. Mortgage lenders, however, will grant home loans to qualifying home buyers with a down payment of as little as 3 to 5 percent of the purchase price if the mortgage is insured.
In fact, home loans with down payments of less than 20 percent are becoming increasingly popular. They are called “low down payment mortgages.”
This is good news for the millions of home buyers who are finding it difficult to save a large down payment, especially for their first house.
But, Nancy Pelosi blames the free market!
