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One of the commonly cited reasons why homebuyers remain on the sidelines is that they think they need to have a 20 percent downpayment in order to get a mortgage. This is another mortgage myth that is easily busted when you stop to think about the facts. Recent statistics from the National Association of Realtors show that the number of first-time buyers is increasing. It is common knowledge that most first-time buyers don't have large downpayments, so they couldn't possibly all be putting 20 percent down. Low-downpayment loans are still readily available. Just the other day, I heard about a 25 … (8 comments)
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