Coeur d'Alene Idaho homes and land for Sale.
Banks requiring higher downpayments from Buyers
Banks are trying to mitigate their risk as home prices continue to fall by requiring higher down payments from Buyers. They also feel Buyers that pay higher downpayments are less likely to default.
The Obama administration has called for the gradual increase of down payments to a minimum of 10% on conventional loans (that can be purchased or guaranteed by Fannie Mae and Freddie Mac).
Right now the median downpayment in the fourth quarter of 2010 rose to approximately 22% on Conventional Loans. This is the highest median down payment since 1997, according to a Wall Street Journal and Zillow.com analysis.
Buyers that can qualify for USDA, FHA and or/VA loans can still purchase with 3.5% down payment.
Free MLS Property Search at: www.SellingNorthIdaho.comContact: Pam Jank, Realtor, ABR, GRI, CRS, RSPS, PPS Previews Property Specialist
Toll Free: 800-829-2555 EXT.1275
COLDWELL BANKER SCHNEIDMILLER REALTY 1924 Northwest Blvd, Coeur d'Alene, ID 838314