Size of Down Payments Up
The Wall Street Journal reports that its survey of banks in nine major cities indicates the median down payment is now 22 percent, almost double what it was just three years ago.
The Journal linked the high down payments to tighter lending standards by banks. The newspaper also noted that the Obama administration is calling for higher down payments on conventional loans, seeking a 10 percent threshold on mortgages covered by Fannie Mae and Freddie Mac.
Our industry has seen a lot of changes over the past few years. Do you think this is a good one, do you think they should raise the down payment requirements for convention loans??? We would love to hear your opinion.
The Journal linked the high down payments to tighter lending standards by banks. The newspaper also noted that the Obama administration is calling for higher down payments on conventional loans, seeking a 10 percent threshold on mortgages covered by Fannie Mae and Freddie Mac.
Our industry has seen a lot of changes over the past few years. Do you think this is a good one, do you think they should raise the down payment requirements for convention loans??? We would love to hear your opinion.
Comments
Post a Comment