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Banks Offering Mortgage Programs With Low Down Payments

By Mike in Mortgages with 0 Comments

mortgageThink that you still need 20% for you down payment? Think again.

Just after the housing bubble burst, many banks tightened up their lending restrictions. You could pretty much guarantee that to qualify for a new mortgage, you were going to need near perfect credit and part with 20% of the home value as a down payment.

While the credit qualifications remain tight, we’re seeing banks begin to roll out programs to allow for 5%/10%/15% down payments. This could be great news for potential buyers on the fence with their decision to purchase. Read the article on the CNN Money website here.

For more information about the home buying process, or to speak with one of us about the current state of the Downtown San Diego real estate market, feel free to contact us anytime. ')}