#down-payments

#down-payments

Currently, 40% of homeowners don't have a mortgage loan at all and of those who do, 70.4% have fixed rate loans of 5% or less. This is why many homeowners in America have excellent FICO scores; their long-term debt costs remain fixed as their wages rise. One of the hallmarks of the housing bubble crash period was the significant number of foreclosures happening in America. With so many distressed homeowners and underwater mortgages, it was the biggest bust in American economic history.

Despite a strong interest in home-buying, 27% of U.S. adults plan to buy a home in the next year, but face affordability challenges and misconceptions about down payments.