61% Of First-Time Buyers Put Down Less Than 6%

20% down payment is fake news.


I’ve never seen this much quality data in one source:

25% of buyers use FHA and 80% of them are first-time buyers. FHA offers may not be viable in the bay area, but they are in a lot of markets.



less strict lending standards? :slight_smile:

I almost did 10% down, since there’s a jumbo program with no PMI. It takes a 800+ credit score and 2 years of reserves. The issue was they wouldn’t count the rental income until there’s 2 years of history for my DTI was crazy high. They only allow 38%. While a jumbo mortgage is normal in some markets, overall they are a tiny percent of loans.

FHA has been around a LONG time. The government guarantees all the mortgages, so tax payers are on the hook if people default.