What you need to know about rates & down payments…
A person “can get a conforming, conventional mortgage with a down payment of as little as 5 % (sometimes with as little as 3 % coming out of their own pockets)”.
Freddie Mac’s purchase of mortgages with down payments under 10 % more than quadrupled between 2009 and 2013.
More than one in five borrowers who took out conforming, conventional mortgages in 2014 put down 10 % or less.
The money experts at Freddie Mac, Fannie Mae, and the Mortgage Bankers Association as well at the National Association of Realtors all expect mortgage rates to climb up to one point over the next year. [Read more…]