By ERIN FLYNN JAY
If you are looking for a home and don’t have 20% to put down, you are not alone.
According to the National Association of Realtors, the typical down payment for first-time buyers is 8%. For repeat buyers, it’s 19%.
And for 38% of first-time buyers, saving for a down payment was the most difficult step in the process.
Sean Moss, EVP of product and operations at Down Payment Resource, says there is no one right answer to the question of how much money to put down when purchasing a home. It’s dependent on the buyer’s financial situation, as well as the loan type they plan to use.
“It’s a common misconception that 20% down is the…
Mortgage applications rose again despite rates moving slightly up last week.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – jumped 3.7%, adding to the week prior’s 10.4% spike.
Adjusted purchase applications rose by 8%, while the unadjusted index increased by 3% and was 18% lower YOY.
Demand may have been tempered by rates ticking up slightly from 6.75% to 6.78%. Still, even as buyers remain sensitive to rate movement they do appear to be leaping to lock in rates under 7%.
“Mortgage rates increased slightly last week, but there continues to be an upward trend in purchase activity. Conventional and FHA purchase applications drove most of the…
CBC Mortgage Agency is now offering USDA loans for borrowers in rural areas, the company announced in a press release.
The U.S. Department of Agriculture has approved CBCMA to provide USDA 30-year mortgages for borrowers outside of urban and suburban areas.
These loans offer 100% financing, so the company’s correspondent lenders can now help low- to moderate-income families in these areas achieve homeownership without having to empty their life savings for a down payment.
“Our lending partners can now help eligible borrowers buy a home with no money down instead of having to scrape together their own funds or take out a second mortgage for down payment assistance,” CBC Mortgage Agency President Miki Adams said.
“We are thrilled to receive…
