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3.5% Down payment stays... At least for now....
The Senate rejected a measure yesterday, May 12, 2010, that would have required home buyers to make a minimum down payment of 5 percent on thier home purchases. This has been talked about for the past few months and at least for now home buyers and other real estate professionals can relax a little bit.
With the Federal home buyer tax credit gone, it may drive down some of the momentum for purchases that buyers have been making for the past 6 months. Any positive news should be acknowledged and recognized as a something good for the consumers and professionals in our industry.
Written by Ronald Giannamore
Mortgage Services, Inc.
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