The report found that among the largest 20 counties with down-payment
data available, those with the highest average down-payment
percentage were New York/Manhattan (37.
Based on national average home prices today in many markets (see chart), a 20 percent down-payment
equates to $20,000 to $25,000.
PK), China's largest mortgage lender by assets, has allowed its branches to raise the minimum down-payment
and mortgage rates for first-time home buyers in regions with high property prices, Dow Jones has reported, citing an official at the bank.
Interest subsidies may be successful at increasing the affordability of owner-occupied housing and improving the sustainability by lowering monthly payments, but recent research suggests that down-payment
assistance is the superior way to achieve both goals.
American Express announced it would begin to pilot card acceptance for condominium down-payments
just this week.
A good reason to use a CalHFA loan, which is frequently used together with a down-payment
assistance loan from FHA, is that they usually offer lower interest rates.
Increasingly, the IRS has found that organizations claiming to be charities are being used to funnel down-payment
assistance from sellers to buyers through self-serving, circular-financing arrangements, declared IRS Commissioner Mark W.
They had the option to apply for $1 million in funds for construction costs or $1 million for down-payment
assistance, and they applied for the down-payment
assistance,'' he said.
Fannie Mae and Hibernia will work with down-payment
assistance providers, home-buyer counseling agencies, and other nonprofit and governmental groups in an intensive effort to reach those previously underserved by the mortgage-finance system.
FHA-insured loans with down-payment
assistance have higher delinquency and claim rates than do similar loans without such assistance, according to an analysis by the Government Accountability Office (GAO).
This normally happens when the buyer is a first-time buyer and doesn't have the down payment plus the closing costs which can, with a 3 percent down-payment
program, exceed the down payment.