Mortgages with 10% or less down are on the rise

In another sign of the housing market’s brightening outlook, more home buyers are discovering conventional loans with down payments well below the 20% or higher levels of recent years.

Until recently, many borrowers had to go through a government guaranteed loan program, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs, to get a mortgage with less than a 10% down payment.

Now, a growing number of lenders are offering such mortgages without the backing of a government guarantee ”” the definition of a conventional loan.

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Posted in * Economics, Politics, Economy, Housing/Real Estate Market, Personal Finance, The Banking System/Sector