June 15, 2015 Posted by Matt

The number of new home sales with low down payments are on the rise.  According to a report released by Realtytrac, the share of loans with a down payment of 3 percent or less hit 27 percent in the first quarter — the highest level in almost two years.  In Southwest Florida, the percentage of low- or no-down payment loans also was on the rise.

In the Naples-Immokalee-Marco Island metro area, they jumped to 17 percent from 15 percent year-over-year in the first quarter, RealtyTrac reported. And in Cape Coral-Fort Myers market, they jumped to 22 percent from 19 percent.

The report noted that new low down payment mortgage programs that Fannie Mae and Freddie Mac recently introduced, along with lower insurance premiums on Federal Housing Administration loans that took effect in January, are helping some entry-level buyers who often are hard-pressed to come up with enough money down to buy a home.

About Matt Klinowski
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