3% down on new home sounds like a whopper deal, but . . .

By Michelle Fox | Yahoo Finance

Borrowers who only put 3 percent down on a new home could be taking a risk, former FDIC Chair Sheila Bair said Thursday.

Earlier in the day, Wells Fargo (NYSE: WFC) announced it is now offering fixed-rate conventional mortgages with a minimum 3 percent down payment.

“The good news is these are fixed-rate mortgages, so you don’t have the problem with the payments shocks where you have to refinance to make the payment affordable,” Bair said in an interview with CNBC’s ” Closing Bell. ”

Continued:

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May 27, 2016

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