November 22, 2024 3:46 am
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Low down payment mortgages can compete in today’s market

screen-shot-2016-09-30-at-8-36-21-amBy Brena Swanson | HousingWire

Despite the growing prominence of low down payment mortgages, first-time homebuyers believe they need to put 20% down to compete in today’s market, but it’s not true given current market conditions, according to real estate agents across the country.

Redfin conducted a survey between Sept. 15 and Sept. 18, receiving responses from 762 real estate agents in 38 states and Washington, D.C. The results found that more than half of the real estate agents surveyed said the typical down payment for successful buyers in their market was less than 20%.

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