Lenders Loosening Up on Mortgage Down-Payments
Max insurable rises to 95% as many markets stabilize
By Caroline Miller,  Newser Staff
Posted Dec 19, 2009 7:17 AM CST
A sale pending sign is attached to a property for sale in Palo Alto, Calif., Tuesday, Dec. 1, 2009.   (AP Photo/Paul Sakuma)
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(Newser) – Mortgage lenders and insurers, buoyed by improvement in the housing market, are relaxing their down-payment requirements. As they take more and more markets off the restricted list, the percentage of a property's value insurers will cover is rising from 90% to 95% in many places. Wells Fargo, which has been requiring down payments of more than 20%, is lowering the bar for the first time since 2007. Even in some of the most troubled markets, an executive says, "we are starting to see moderation."

 

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