Posted on: 04th Jun, 2013 03:32 am
The housing market in the country is on a recovery path. On a year-over-year basis, home prices have moved up by 11%. With improvement in the market, lenders are gradually loosening the home loan guidelines. Loans are now being offered with comparatively lower down payments.
That's a great news for the people who are planning to buy homes in the near future. If the down payment requirement is eased, then it will become easier for a large number of people to get a loan. There are many people who cannot save 20% down payment when they are in need of a mortgage to buy a property.
In states like Mississippi and West Virginia, the down payment requirements are well within 12%. But even after saying that, good credit score is still quite important in order to get qualified for a loan.