https://nwblackhawkregion.org/wp-content/uploads/2017/12/mortgage.png 501 755 Admin NHS https://nwblackhawkregion.org/wp-content/uploads/2011/12/nwblackhawkregion.png Admin NHS2017-12-06 10:20:382017-12-06 10:30:26Survey: Many first-time home buyers lack basic knowledge about mortgages
Survey: Many first-time home buyers lack basic knowledge about mortgages
From the Washington Post:
Despite the efforts of housing counselors, real estate agents, mortgage lenders and the Consumer Financial Protection Bureau (CFPB), many Americans lack basic knowledge of mortgages and the home-buying process.
A recent survey by FreeandClear.com, a site that provides mortgage education, found that 20 percent of borrowers think it is impossible to buy a home with a down payment of less than 5 percent. Yet the FHA loan program requires just 3.5 percent, VA loans have no down payment requirement and conventional loans are available with 3 percent down payment options.