More Lenders Require Less Money Up-Front

More Lenders Require Less Money Up-Front
Smaller Down Payments: Some home buyers are stepping off the sidelines as more lenders require less money up-front on a home purchase.Recently, more borrowers are able to pay 3 percent or even less of a home’s purchase price to get a mortgage – a big change from when at least 20 percent down payments were practically the norm post-recession.Additionally, some lenders are luring more home buyers back by waiving mortgage-related fees and even showing more acceptance of allowing down payments to be made by others, such as the borrower’s family members, The Wall Street Journal reports.Still, borrowers must have good credit scores and a steady income to often qualify for these smaller down payment loans, read more.