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Why the 20% Down Payment Might Soon be Gone

When it comes to buying a home, one thing that stops many people is coming up with a 20% down payment. While at one time putting 20% down was standard practice, there has been a shift away from doing so in recent years. A traditional down payment of 20% is no longer the norm, and could soon be a thing of the past. What is driving this trend, and is it a good thing or a bad thing? Let’s take a look at what is happening in the mortgage industry.

Trend Toward Less Money Down

Lenders often quote a 20% down payment as the “gold standard” among home buyers. Even so, the majority of people have a down payment that is far less than that amount. According to the National Association of Realtors (NAR), 70% of first-time home buyers and 54% of all other purchasers put down less than 20% during the past five years. In addition, 60% of first-time home buyers had a down payment that was only 6% or lower. read more

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