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No down payment? No problem, say lenders eager to finance home purchases
They were all the rage — then the scourge — of the housing boom and bust. Now they’re back, big time: home mortgages that require tiny or zero down payments from buyers. So how well are these mortgages performing? United Wholesale Mortgage says its version has experienced no delinquencies since its debut last summer. Results such as this are possible, the lenders involved say, because 1 percent and zero-down offerings are conservatively underwritten. United’s minimum FICO credit score is 720.
They were all the rage — then the scourge — of the housing boom and bust. Now they’re back, big time: home mortgages that require tiny or zero down payments from buyers.
So how well are these mortgages performing? United Wholesale Mortgage says its version has experienced no delinquencies since its debut last summer. Results such as this are possible, the lenders involved say, because 1 percent and zero-down offerings are conservatively underwritten. United’s minimum FICO credit score is 720.
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