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.