The Return of the 10% Down Payment

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Remember the 10% down payment on a house? After virtually disappearing for years, it’s back.

Around the country, some lenders are offering 90% financing again on all loan types. For example, San Francisco-based RPM Mortgage resumed offering “piggyback” loans in the first quarter of 2013 after discontinuing them during the height of the credit crisis in late 2007, according to Vice President Julian Hebron. (A piggyback loan enables a home buyer to put only 10% down without having to buy mortgage insurance. This is done by getting two loans totaling 90%.)

Read more: http://www.foxbusiness.com/personal-finance/2013/06/24/return-10-down-payment/#ixzz2XFfuxCke

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